U.S. wholesale inventories rise 0.6% in April
The Commerce Department said that wholesale inventories increased 0.6 percent. Inventories for March were revised up to show a 0.2 percent gain instead of the previously reported 0.1 percent rise.
Economists polled by Reuters had forecast wholesale inventories nudging up 0.1 percent in April.
Sales at wholesalers jumped 1 percent in April after advancing 0.6 percent in March. With sales increasing solidly for a second straight month, it would take wholesalers 1.35 months to clear shelves, down from 1.36 months in March.
Inventories are a key component of gross domestic product changes. The component of wholesale inventories that goes into the calculation of GDP - wholesale stocks excluding autos - increased 0.8 percent in April. ■