Wholesale inventories increased 1.1% in June, above the forecast of 0.6%. Sales jumped 2.8%, which pulled the inventory-to-sales ratio down from 1.08 to a new record low of 1.06.
Preliminary nonfarm productivity in 2Q was reported at an annual rate of 2.2%, less than the forecast of 2.5%. Unit labor costs came in at an annual rate of 1.3%, also below the estimate of 1.4%, but 1Q's figure was revised higher from 2.2% to 2.5%. Details from Bloomberg...
