03:10 PM EDT, 09/09/2024 (MT Newswires) -- July wholesale inventories were revised down to a 0.2% increase from a 0.3% gain in the advance reading, compared with expectations for no revision.

At the same time, wholesale sales increased by 1.1%, faster than a 0.3% gain expected, with petroleum sales up 3.9%.

Combined with already released data for the retail and factory levels of distribution, business inventories are on track for a 0.3% gain while business sales are tracking up 1%. Both will be released on Sept. 17, when updated retail inventory and sales estimates will be released.

The New York Fed's inflation expectations survey for August showed no change to growth estimates in the one-year and five-year periods and a slight upward adjustment in the three-year period.

The Q3 GDPnow estimate from the Atlanta Fed is for a 2.5% gain, revised up from a 2.1% gain reported on Sept. 4. The next update is scheduled for Sept. 17.

Consumer credit usage rose by $25.5 billion in July after a $5.2 billion gain in June, Revolving credit use rebounded after a decline in the previous month while nonrevolving credit use rose at a faster pace than in June.