U.S. May Wholesale Inventories Just Above Forecasts
U.S. wholesale inventories rose 0.8% month-over-month in May, marginally above expectations for a 0.7% advance, while the previous month's figure was revised to a 1.4% gain from a previously reported 1.3% rise, according to a report released Friday by the Department of Commerce.
Since April 2007, inventories have increased by 8.7%.
Durable goods inventories posted a 0.8% gain following the previous month's upwardly revised 1.2% rise. Meanwhile, non-durables rose by 0.7% after increasing 1.7% in April.
Sales advanced by 1.6% in the month, matching the previous month's rise. Sales excluding petroleum advanced by 0.6% following a 1.6% gain in April.
The May inventories-to-sales ratio for merchant wholesalers, not including manufacturers' sales branches and offices, was 1.08, following the 1.09 ratio in the previous month.
By Erik Kevin Franco and edited by Stephen Huebl
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