Wholesale inventories jump 1.3%Wholesalers' stockpiles shot up far more in April than the 0.5% expected, though it was likely driven by higher prices for oil and food. March inventories were revised up to a 0.1% gain vs. the initial reading of a 0.1% drop. Wholesale-level sales rose 1.4% in April -- they also were likely price-driven -- a sign that firms aren't stuck with unwanted goods. Higher inventories will boost Q2 GDP.
ECRI's leading index falls again
The Economic Cycle Research Institute's leading U.S. index fell for a 4th straight week, down 0.4 point 14 the week ended May 30 to 132.4. The smoothed annualized growth rate ticked down to -6.2% from -6% after improving for 8 weeks from a near-record low of -11.1% in late March.
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