U.S. Wholesale Inventories Climb More Than Expected In April
(RTTNews) - Wholesale inventories in the U.S. increased by slightly more than anticipated in the month of April, according to a report released by the Commerce Department on Friday.
The report said wholesale inventories climbed by 0.8 percent in April after coming in virtually unchanged in March. Economists had expected inventories to rise by 0.7 percent.
Inventories of durable goods jumped by 1.0 percent in April after rising by 0.3 percent in the previous month. Automotive inventories led the way higher, spiking by 3.8 percent.
The Commerce Department said inventories of non-durable goods also increased by 0.5 percent in April following a 0.6 percent drop in March. Inventories of petroleum products and drugs showed significant growth.
Meanwhile, the report said wholesale sales fell by 0.4 percent in April after spiking by 1.8 percent in the previous month.
The pullback came as a 1.1 percent slump in sales of durable goods more than offset a 0.2 percent uptick in sales of non-durable goods.
With inventories rising and sales falling, the inventories/sales ratio for merchant wholesalers inched up to 1.34 in April from 1.33 in March.
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