Core Insights - Wholesale inventories in the U.S. increased from $911.53 billion in the previous month to $913.499 billion in October, indicating a growth of 0.2% [1] - The median forecast from 10 economists for wholesale inventory growth was also 0.2%, with a prediction range of 0% to 0.5% [1] - Wholesale sales in October decreased by 0.4%, compared to a decline of 0.2% in the previous month [2] - Wholesale sales excluding automobiles also saw a decline of 0.4% in October [3] - The inventory-to-sales ratio for October was 1.30, slightly up from 1.29 in the previous month [4]

Core Insights - Wholesale inventories in the U.S. increased from $907.38 billion in the previous month to $911.495 billion in September, indicating a growth of 0.1% against the median forecast [1][1] - The range of predictions from 13 economists varied from a decline of 0.4% to an increase of 0.2% [1][1] - Excluding petroleum, wholesale inventories rose by 0.4% in September [1][1] Sales Performance - Wholesale sales decreased by 1.4% in September, following a decline of 0.7% in the previous month [1][1] - Wholesale sales, excluding automobiles, fell by 0.3% in September [1][1] Inventory/Sales Ratio - The inventory-to-sales ratio for September was 1.29, slightly up from 1.28 in August [1][1]

Group 1: Inflation Expectations - The New York Fed's latest survey indicates a decline in consumer inflation expectations for the next year, with the one-year inflation expectation dropping to 3.2%, a decrease of 0.4 percentage points from the previous month [2] - The three-year inflation expectation fell from 3.2% in April to 3%, while the five-year expectation decreased from 2.7% to 2.6% [2] - The Consumer Price Index (CPI) in the U.S. further declined to 2.3% as of April [2] Group 2: Wholesale Inventory Trends - U.S. wholesale inventories increased by 0.2% in April, which is lower than the 0.3% growth in March, and economists had expected inventories to remain flat [3] - Durable goods inventories rose by 0.1%, while non-durable goods inventories increased by 0.3%, reversing the previous month's decline [3] - The inventory-to-sales ratio remained at 1.30 compared to March, but is lower than the 1.34 ratio from April of the previous year [3] Group 3: Employment Trends - The U.S. Conference Board's Employment Trends Index (ETI) declined from 108.00 to 107.49 in May, indicating a slowdown in employment trends [4] - Despite concerns over tariffs, the ETI remains above the average levels from 2017 to 2019, suggesting a stable labor market overall [4] - There are indications that some industries are beginning to feel the pressure from tariff changes, which may affect hiring [4] Group 4: U.S.-China Trade Talks - The first meeting of the U.S.-China economic and trade consultation mechanism took place in London on June 9, led by Chinese Vice Premier He Lifeng and U.S. representatives [4]

Core Insights - The final wholesale inventory in the U.S. for April increased by 0.2%, while the forecast was 0% [1] Group 1 - The increase in wholesale inventory suggests a potential rise in demand or a buildup of stock in anticipation of future sales [1] - The actual growth of 0.2% indicates a slight improvement in inventory management compared to expectations [1]

Core Viewpoint - The final value of U.S. wholesale inventories for March showed a slight decline, with a growth rate lower than initial estimates due to reductions in inventories of appliances, lumber, clothing, and agricultural products [1] Group 1: Inventory Data - U.S. wholesale inventories increased by 0.4% in March, which is lower than the expected increase of 0.5% and follows a 0.5% increase in February [1] - Year-over-year, March inventories grew by 2.2% [1] Group 2: Economic Impact - The first quarter saw companies import goods in advance to avoid potential tariffs, resulting in a significant trade deficit, with most imports turning into inventory [1] - The initial estimate for first-quarter GDP indicated that business inventories increased at an annual rate of $140.1 billion, compared to only $8.9 billion in the previous quarter [1] - The contribution of inventories to GDP was 2.25 percentage points, marking the largest impact since the fourth quarter of 2021 [1]