WASHINGTON — Wholesale inventories increased 0.1% in June as wholesale sales declined for the second month in a row, the Commerce Department reported Tuesday.
Wholesale sales dropped 0.7% following a 0.5% decrease in May. Sales had increased for 15 consecutive months going back to March 2009 before May’s decrease.
Economists expected wholesale inventories to increase 0.4% and for sales to increase 0.5%, according to the median estimate from Thomson Reuters.