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After 7 straight months of growth, wholesale sales tumbled in January - the worst drop since Jan 2016.

On the other side of the wholesale picture, inventories rose 0.8% MoM (more than the expected 0.7% build), the highest since August 2017.

Which is likely to prompt upgrades for Q1 GDP.

Of course this divergence between sales (dropping) and inventories (building), sent the inventories/sales ratio up by the most in 3 years...