The U.S. advance goods trade deficit widened to $96.6 billion (vs $88.5 billion expected) in May, up 11.1% MoM, after the sharp decline in imports in April.

• Goods exports fell -5.2% MoM but were still up 6.2% YoY while goods imports were unchanged MoM and up 2.8% YoY.
• Wholesale inventories dropped -0.3% MoM with durable goods inventories falling -0.8% MoM.
• Retail inventories increased 0.3% MoM and are up 3.2% YoY with auto inventories rising 0.6% MoM to a level similar to a year ago. Inventories (ex-autos) increased 0.2% MoM and 4.7% YoY.