U.S. Wholesale Inventories Rise 1.8 Percent In May
– Wholesale inventories in the U.S. increased more than expected in May as wholesale sales fell, according to figures released Friday by the Commerce Department.
Total wholesale inventories, on a seasonally adjusted basis, jumped 1.8 percent in May to $456.3 billion. Most economists had predicted an increase just half that large, 0.9 percent.
The increase in inventories comes on top of revised April figures that showed a 1.1 percent increase, upwardly revised from the 0.8 percent increase initially reported.
Even as inventories rose, wholesale sales declined 0.2 percent in May, falling to $393.7 billion on a seasonally adjusted basis.
The decline in sales reverses an increase in April that was revised up to 0.5 percent.
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