US Q3 GDP tracking unchanged at 2.4% after July business inventories

Total business inventories rose 0.1% m/m in July, in line with consensus expectations (0.1%) and a touch below our forecast (0.2%). Retail inventories, the data first released with the business inventories report, expanded 0.6% m/m in July (previous: 1.0%).

Much of this growth, however, was driven by a second month of strong growth in retail inventories of autos and parts (1.4% m/m, previous: 1.6%). Excluding autos, retail inventories rose a more modest 0.2% m/m (previous: 0.7%), a bit below recent trend.

"These data were broadly in line with our expectations, and leave our Q3 GDP tracking estimate unchanged after rounding at 2.4%", says Barclays.