Total US business inventories fell -0.2% MoM in December after a 0.1% MoM increase in November, a surprise draw on stocks when analysts expected no change.

• Manufacturers’ inventories grew 0.4% MoM, while wholesalers’ and retailers’ inventories both declined -0.5% MoM and -0.4% MoM respectively.
• Ex auto and parts, inventories were down -0.1% MoM but still up 2.8% YoY.
• Auto inventories alone were down -1.1% MoM in December after an -0.8% MoM drop in November. On an annual basis, auto inventories jumped 11.6% YoY.