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Sizeable Beat For Wholesale Sales Sees Strong Momentum Into Q4

  • Wholesale trade sales were notably stronger than expected in September, rising 2.2% M/M (cons 0.9) after an upward revised 2.0% (initial 1.8) in August.
  • Whilst a nominal measure, wholesale sales have jumped 10.8% annualized on a 3M/3M basis in Sep in an abrupt recovery from the -8.8% of June.
  • Wholesale volumes meanwhile saw a strong 1.5% increase back in August, leaving the 3M/3M at 3.6% annualized.
  • Wholesale inventories meanwhile were revised up slightly to 0.2% (initial 0.0) in the final September reading after -0.1% in August.
  • We suspect the strong momentum heading will help further bolster the Atlanta Fed GDPNow estimate for Q4, due an update today having yesterday been revised up to 2.1% annualized.

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