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May Wholesale Inventories Revised Down From Advance Estimate; Sales Jump

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Wholesale inventories rose by 0.1% in May, revised downwards from a 0.3% increase in the advance reading and following a 0.7% rise in April.

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

Durable and nondurable wholesale inventories both increased by 0.1%.

Wholesale sales rose by 3.4% in May after a 2.2% increase in April, led by an 8.6% increase in petroleum sales. Analysts expected a much-smaller 0.8% increase.

When combined with already released data at the retail and factory levels, business inventories are tracking for a 0.3% increase, while business sales are tracking for a 2.1% rise. The report on business inventories and sales will be released on July 16.

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