Despite headline month-over-month data beating expectations, year-over-year growth in Wholesale Sales and Wholesale Inventories slowed notably.

Wholesale Inventories rose 0.4% MoM in December, better than the expected 0.2% growth and preliminary print but below November's 0.6% growth.

Wholesale Sales rose 1.2% MoM in December, better than the expected 0.4% growth and preliminary print but well below November's  upwardly revised 1.9% growth.

However, on a YoY basis, things were notably weaker.

This is the 3rd monthly decline in annual inventory growth and the biggest slowdown in annual wholesale sales since June.