US April wholesale inventories -0.3% vs +0.2% expected

• Prior was +0.2%
• Retail inventories -0.3% vs +0.4% prior
• Retail inventories ex-autos -0.2%

This is a bad start for Q2 GDP.

April goods trade balance

• Prior was -$64.2 billion (revised to -$65.1B)

This, along with weak inventories, is a poor start to Q2 GDP. Inventories and trade were also a drag on Q1 GDP.