Imports sink again as wholesale inventories remain bloated

February is typically a bad month for U.S. imports. This February was particularly rough, as the effect of the early Lunar New Year holiday collided with a giant U.S. inventory overhang.

Signals are mixed on where imports go from here.

The National Retail Federation (NRF) believes a moderate rebound in imports is around the corner. But new Census Bureau data on January wholesale inventory-to-sales ratios implies more trouble ahead