Manufacturing sales of ~$69B fell 1% in August, squeaking past estimates for a 1.5% drop but reversing course from July’s gain due to a 6% decline in transportation equipment...

… which should continue to pressure results with Stellantis shifting Jeep production from Brampton to Illinois. Inventories reached a two-year high, driven mainly by finished goods…

… which tracks to the continued rise in unfilled orders - led by aerospace products.

The weak print flowed through to wholesale sales, which fell 1.2% on a near-10% drop in motor vehicles and parts - underscoring the hidden complexities of China’s proposed tariff truce.