One month after wholesale trade was hit with a double whammy, after both wholesale sales and inventories missed, the bad news for businesses continued, with both inventories and sales missing expectations in the month of July.

With expectations for a 0.1% rise in June wholesale sales after last month’s -0.1% decline, the latest number was disappointing on both sides, with the July print coming in at 0.0%, after June was revised even lower, to -0.2%.

Meanwhile, even as inventories rebounded from last month’s disappointing 0.1% increase, the 0.6% print was also a miss to expectations of 0.7%.

So while much of the rest of the economy continues to hum along, gliding on Trump’s fiscal stimulus, when it comes to actual trade and commerce, it appears that the trade war with China is starting to impact if not sentiment just yet – with the latest ISM printing at near all time highs, then performance with two months in a row of disappointing wholesale trade data.

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