U.S. wholesale inventories fell | 09 Agosto 2023

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The Commerce Department said that wholesale inventories dropped 0.5% instead of falling 0.3% as previously reported last month. Stocks at wholesalers declined 0.4% in May. Private inventory investment was estimated to have made a small contribution to gross domestic product in the second quarter after being a major drag in the first three months of the year. The economy grew at a 2.4% annualized rate in the April-June quarter. The careful inventory management amid expectations of weaker demand because of higher borrowing costs is hampering production at factories. Wholesale motor vehicle inventories increased 1.1% in June after advancing 1.6% in May. There were big decreases in wholesale stocks of metals, lumber, petroleum, farm products, apparel and chemicals.

Investment idea: range 142.70 -143.70.