Yesterday, it was announced that wholesale inventory levels rose 1.3%, which is the best performance in two years. Sometimes, a rise in inventory means sales have decreased, causing inventories to backing up. However, it was also announced that sales at the wholesale level increased twice as much as expected.

This means wholesalers are re-stocking their inventories . . . because they have reason to believe that they will be selling more out of their inventories. And, I hope they are right!

The trail of economic data seems to be improving again, and I hope it is right, leading to a real, sustainable recovery! This is consistent with my expectation that the market will improve by year-end.