Sep 17, 2025
Manufacturing sales of ~$70B increased 2.5% M/M in July, beating estimates and accelerating from June’s small gain thanks to higher activity in transportation equipment, petroleum products, and precious metals.
With the improvement, the inventory-to-sales ratio moved down to 1.72x despite an inventory build…
… and it made its way through to wholesale sales, which rose for the third straight month to $86B.
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