Manufacturing sales of ~$68B increased 0.3% M/M, coming up just shy of estimates for a 0.4% gain. June marked the first positive reading in five months, thanks to a recovery in petroleum (+12%) and food (+2.5%) sales.

Inventory levels held steady, as a 0.5% decline in raw materials offset a 0.7% jump in finished goods…

… which in conjunction with higher unfilled orders points to the cooling effect the trade war is having on supply chains.

Despite the disruption, conditions seem to be stabilizing for now - with wholesale sales gaining 0.7% M/M, most of which was volume-driven.