U.S. wholesale inventories unexpectedly inch up 0.1% in June
The Commerce Department said wholesale inventories inched up by 0.1% in June after rising by 0.3% in May. Economists had expected wholesale inventories to come in unchanged.
The uptick in wholesale inventories reflected an increase in inventories of durable goods, which climbed by 0.8% in June following a 0.3% increase in May.
Notable increases in inventories of metals, miscellaneous durable goods and lumber more than offset a steep drop in automotive inventories.
Meanwhile, the report said inventories non-durable goods slumped by 1.0% in June after rising by 0.4% in May.
The sharp drop in inventories of non-durable goods was partly due to a substantial decrease in inventories of farm products.
The Commerce Department also said wholesale sales edged down by 0.1% in June following a 2.1% jump in the previous month.
Sales of durable goods rose by 0.2% in June after surging up by 1.4% in May, while sales of non-durable goods fell by 0.3% after spiking by 2.8%.
With inventories and sales both showing only modest moves, the inventories/sales ratio for merchant wholesalers was unchanged from the previous month at 1.25. ■