Manufacturing sales of $78B in May rose 1.3%, edging past preliminary estimates and notching the fourth straight gain…

… on a >4% rise in transportation equipment and chemical products. Those two categories dominated the print - pushing inventories up to $126B…

… driving the 7% increase in unfilled orders, and causing the 210 bps improvement in capacity utilization.

The strength in chemicals also flowed through to wholesale sales, but were offset by lower volumes in food and household goods - resulting in a flat print.

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