German real ex-auto wholesale sales fell by 0.3% in September after dropping by 0.8% in August. These declines blunted the sharp 1.3% gain in July that followed a rise of 0.6% in June. Around mid-year German wholesale sales seemed to be breaking out of their early in the year slump believed to have been induced by the turn-of-the year hike in the VAT. However, the past two months have discredited that view. Nonetheless, the mid-year strength was enough to boost real ex-auto wholesales sales to solid positive quarterly rate of growth. Real wholesale sales are up at a 3.3% annual rate in Q3 with nominal sales up at a pace of 3.9%. These readings are up from a year ago by 1.5% in real terms and by 1.8% in nominal terms. It is growth but is far from robust growth. And lest the quarterly result seem too strong recall that this rise in Q3 offsets a similar drop of 3% (annualized) in real ex-auto wholesale sales in Q2. The graph clearly shows no lasting boost to wholesale sales growth.