Wholesale inventories dropped by .2% in July versus the estimated .1%. This is the seventh month in a row that wholesale inventories fall, the biggest two declining months were January and May. A drop in wholesale inventories is a good thing for big box retailers. Last year, big box retailers had warehouses filled with unsold inventories, especially discretionary items like furniture, electrical equipment, and hardware. These inventories were built up from the supply chain issues caused by Covid as late shipments piled up too late. Leaders of big box retailers such as Walmart, Target, Home Depot..etc were focuses over the last several quarters on selling off the unwanted inventory to alleviate their warehouse space and get rid of the "dead weight".