U.S. Wholesale Inventories Jump More Than Expected In May
Wholesale inventories in the U.S. increased by more than
expected in the month of May, according to a report released by the
Commerce Department on Friday.
The report said wholesale inventories surged up by 1.3 percent
in May after jumping by an upwardly revised 1.1 percent in
April.
Economists had expected wholesale inventories to jump by 1.1
percent compared to the 0.8 percent increase that had been reported
for the previous month.
The bigger than expected increase in wholesale inventories came
as inventories of durable goods and non-durable goods shot up by
1.2 percent and 1.5 percent, respectively.
Meanwhile, the Commerce Department said wholesales climbed by
0.8 percent in May after surging up by 1.1 percent in April.
A 1.7 percent spike in sales of durable goods more than offset a
0.1 percent dip in sales of non-durable goods.
With inventories rising by more than sales, the
inventories/sales ratio for merchant wholesalers inched up to 1.23
in May from 1.22 in April.
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