Wholesale Warnings——And Its Not Just Commodity Deflation

After nearly coming in flat for June, wholesale sales fell almost 5% year-over-year in July. That is the second worst month of this “cycle”, bested only by May’s nearly 7% drop. The six-month average is now -3.2% which is uncomfortably close to the worst part of the dot-com recession which only averaged -4.0% at the...