The US goods trade deficit surged 22.1% MoM in July to $103.6 billion, well above expectations of a smaller increase to $89.5 billion.

• Exports fell -0.1% MoM though were up 3.0% YoY with capital goods exports up 7.0% YoY
• Imports surged 7.1% MoM, driven by a 25.4% MoM increase in industrial supply imports and a 4.8% MoM and 14.7% YoY increase in capital goods imports.
• Wholesale inventories were up 0.2% MoM and 1.3% YoY in July, down from 1.5% YoY in June.
• Retail inventories were up 0.2% MoM as well, with motor vehicle inventories up 0.3% MoM