Research Team at Goldman Sachs, notes that the US wholesale inventories declined by less than expected while the Job openings increased to 5.61 million in December. Key Quotes “Wholesale inventories declined by 0.1% (mom) in December, a slightly smaller decline than expected by consensus forecasts. However, revised data now show a larger pullback in nominal inventories in November—a decline of 0.4% from 0.3% previously reported. In its advance estimate of Q4 GDP growth, the Commerce Department had assumed wholesale inventories would increase in December. The slight decline plus downward revisions therefore imply a larger drag from inventories during the quarter. We have therefore reduced our tracking estimate of Q4 GDP growth to +0.2% (qoq, ar) from +0.4% prior to today’s report, and from +0.7% initially reported. However we revised up our Q1 GDP growth tracking estimate to +1.9% (qoq, ar) from 1.75%. Separately, the Department of Labor reported in its JOLTS report that job openings increased to 5.61 million from 5.35 million previously. Both hiring and quitting activity picked up during the month as well. Layoffs declined to 1.61 million from 1.69 million in November, near post-recession lows.” For more information, read our latest forex news.