Manufacturing sales of ~$72B rose 3.3% in September, beating expectations for a 2.8% increase thanks to a 9% rebound in transportation equipment…

… after the category weighed on last month’s print. The transportation recovery chewed through some inventory - which held steady at ~$122B in aggregate…

… and it contributed to the drawdown in unfilled orders, as capacity utilization in the industry rose ~9% driven by a return to full production at auto assembly plants.

Overall, a solid print that powered a 0.6% rise in wholesales sales - beating expectations for a flat reading.