U.S. inventories of wholesale goods saw a modest uptick in the month of May, according to a report released by the Commerce Department on Tuesday.
The report said wholesale inventories inched up by 0.1 percent in May following an upwardly revised 0.7 percent advance in April.
Economists had expected wholesale inventories to edge up by 0.2 percent compared to the 0.6 percent increase originally reported for the previous month.
Inventories of durable goods also crept up by 0.1 percent, as a jump in inventories of computers and peripheral equipment and software offset a steep drop in inventories of motor vehicles, parts and supplies.
The Commerce Department also said inventories of non-durable goods rose by 0.2 percent, reflecting a sharp increase in inventories of farm product raw materials.
Additionally, the report said wholesales climbed by 0.5 percent in May after rising by 0.8 percent in the previous month.
Sales of durable goods rose by 0.6 percent during the month, while sales of non-durable goods increased by 0.5 percent.
With sales rising faster than inventories, the inventories/sales ratio for merchant wholesalers dipped to 1.35 in May from 1.36 in April.
by RTT Staff Writer
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