A report released by the Commerce Department on Wednesday showed wholesale inventories in the U.S. increased in line with economist estimates in the month of May.
The Commerce Department said wholesale inventories rose by 0.4 percent in May after climbing by 0.8 percent in April. The continued rise in inventories matched expectations.
Inventories of durable goods edged up by 0.3 percent in May, as sharp increases in inventories of automotive products and professional equipment were partly offset by steep drops in inventories of lumber, metals and electrical equipment.
The report said inventories of non-durable goods also climbed by 0.5 percent, with notable growth in inventories of farm products and miscellaneous non-durable goods offsetting a slump in inventories of petroleum products.
The Commerce Department also said wholesale sales inched up by 0.1 percent in May after falling by 0.4 percent in April.
Sales of durable goods climbed by 0.6 percent amid a spike in inventories of automotive products and hardware, while sales of non-durable goods fell by 0.4 percent due in part to a nosedive in apparel sales.
With inventories rising by more than sales, the inventories/sales ratio for merchant wholesalers ticked up to 1.35 in May from 1.34 in April.
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