US wholesale inventories grow more than expected in May
Wholesale inventories in the US grew by more than expected in May but remained well below year-earlier levels as a proportion of sales.
Total wholesale stockpiles increased by 0.4% month-on-month to $593.9bn, revised from the Department of Labor revealed.
Economists had forecast an increase of 0.3% on the month.
Sales on the other hand declined by 0.5% in comparison to April to reach $460.8bn.
Combined, the inventory-to-sales ratio ended the month at 1.29, versus 1.34 in the same month one year-ago.
Inventories of durable goods increased by 0.6% on the month to reach $363.8bn while those of non-durable goods were flat at $230.05bn.