The US trade deficit increased by 4.7% MoM in November as a 4.5% MoM increase in imports slightly outpaced a 4.4% MoM increase in exports. Food and industrial supply imports lead the gains there.

Wholesale inventories fell -0.2% MoM, below an expected increase of 0.2% MoM. On the other hand, retail inventories increased 0.3% MoM and were up 7.2% YoY with motor vehicle inventories up 15.3% YoY. Non-auto inventories, however, did see a sizeable 0.6% MoM increase in November.