From Zero Hedge (link is in original):
Against expectations of a further rise in inventory build of 0.7%, wholesale inventories rose only 0.3% in June (the same pace as in May) missing by the most since February 2013. With GDP now basically an exercise in inventory expansion and contraction (Q2 inventory estimate amounte to 40% of GDP), this ‘miss’ offers little hope for the initial Q2 rebound to hold its exuberance. In addition, wholesale sales also missed (up only 0.2% against expectations of a 0.7% rise) with growth slowing for the 3rd month in a row.
The government’s wholesale inventories report is here.
The true (i.e., unadjusted, raw, actual) change in June inventories was -1.1%.
That initial 4.0% annualized figure for 2Q14 just got tenuous.