Jan wholesale inv +0.8%, slightly above the.>

US DATA: Jan wholesale inv +0.8%, slightly above the +0.7% in the adv est. 

- According to an MNI calc, outlook for Jan business inv is +0.6% based 

on the +0.3% factory inv and assuming no revision to adv est +0.8% for 

retail inv. Business sales would be -0.3%, based on -1.1% wholesale 

sales, +0.6% factory shipments, and assuming no revision to -0.3% for 

retail trade sales. 

- Ex. autos, Jan wholesale inv would have been +0.9%  and sales would 

have been -1.2%, according to an MNI calc. 

- Wholesale durable inv +0.2% (auto +0.7%). Nondurables inv +1.8% (petro  

+4.1%). Durables sales -1.4% (autos -0.5%), and nondurables sales -0.8% 

(petro +0.8%). 

- Inv/sales ratio 1.26, up from Dec 1.23 but down from 1.28 yr ago.