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April Wholesale Inventories Revised Up From Advance Estimate; Sales Jump

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Wholesale inventories rose by 0.6% in April, revised up from a 0.5% increase in the advance reading and following a 1.5% rise in March.

Analysts in a survey compiled by Bloomberg expected April inventories to be revised upwards to a 0.6% increase.

Durable wholesale inventories increased by 0.9%, while nondurables inventories were up by 0.2%.

Wholesale sales rose by 2.0% in April after a 3.0% increase in March, led by an 8.9% surge in petroleum sales. Analysts expected a smaller 1.2% increase.

When combined with already released data at the retail and factory levels, business inventories are tracking for a 0.5% increase and business sales are tracking for a 1.2% gain. The report on business inventories and sales will be released on June 17.

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