by Mike ‘Mish’ Shedlock
Inventories for February declined 0.1% but sales fell 0.4%.
The only reason the inventory-to-sales number did not rise further is January inventories were revised from +0.1% to -0.1%.
On the surface, the Bloomberg Econoday economists’ consensus estimate for inventories was right on the mark at -0.1% in a range of -0.2% to +0.2%.
However, revisions took January’s reading from +0.1% down to -0.1% so compared to the initial January reading, inventories are down -0.3% outside the range of estimates.