Following an upwardly revised April 0.7% rise in inventories, May saw yet another build (+0.1% MoM) but for once sales outpaced it with a 0.5% MoM gain. However, inventories remain 0.5% higher YoY with sales down 2.5% leaving the inventories-to-sales ration hovering at 1.35x – previous recession highs.
Inventories continue to rise and sales drop…
leaving inventories-to-sales at recessionary peaks…
Of course Bernanke’s helicopter money will fix all this right? Or will corporations front-run the exuberance and overbuild the wrong inventories again?
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