Highlights
Wholesale inventories rose 0.1 percent in August, below a 0.4 percent rise in wholesale sales but not enough change to move the wholesale inventory-to-sales ratio from a very lean and record low of 1.11. The small 0.1 percent rise reflects efforts by wholesalers, who like others in August were concerned over the economic outlook, to ease up on inventory accumulation. But auto inventories did increase, by 2.4 percent in a buildup likely tied to the approaching labor strike. The inventory-to-sales ratio for wholesale autos rose to 1.40 from 1.37.

The small gain in overall wholesale inventories matches up with a small dip in factory inventories for August. Retail inventories, the final piece, will be posted with the business inventories report on Friday. Inventory data so far, including from the ISM, indicate that businesses have been very careful to keep inventories in check. This is an important plus whether the economic pace quickens, leading to increased production and employment, or whether the pace slows, limiting the need for cutbacks in production or employment.

2007 Release Schedule

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