US business inventories increased 0.1% MoM and 2.4% YoY in October. Manufacturers’ and wholesalers’ inventories declined by -0.3% MoM and -0.2% MoM respectively. Retailers’ inventories, however, were up 0.7% MoM, still short of the 0.9% MoM increase in retail sales in the same month. Excluding auto & parts, retail inventories were only up 0.1% MoM and 1.6% YoY, and the inventory/sales ratio was unchanged at 1.13x.