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June Wholesale Inventories Revised Downward From Advance Estimate; Sales Fall Sharply

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Wholesale inventories rose by 0.2% in June, revised downwards from a 0.3% increase in the advance reading and following a 0.3% increase in May.

Analysts in a survey compiled by Bloomberg expected June inventories to be unrevised.

Durable wholesale inventories increased by 0.6%, while nondurables inventories fell by 0.6%.

Wholesale sales fell by 3.0% in June after a 3.5% increase in May, led by a 19.4% drop in petroleum prices.

When combined with already released data at the retail and factory levels, business inventories are tracking for a 0.1% increase, while business sales are tracking for a 1.1% decline. The report on business inventories and sales will be released on Aug. 14.

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