Wholesale inventories increased 0.5% in May, above economists’ estimates, but wholesale sales fell for the first time in more than a year, the Commerce Department reported today.
Inventories for April were revised lower to a 0.2% increase from 0.4% reported last month. Wholesale inventories have increased for five consecutive months.
Wholesale sales dropped 0.3%, the first decline since a 2.6% drop in March 2009. Sales for April were revised higher to a 0.9% increase from 0.7% initially reported.
Economists expected wholesale sales and inventories would rise 0.4% for the month, according to the median estimate from Thomson Reuters.
The wholesale inventories-to-sales ratio increased to 1.14. The ratio was 1.13 in April and 1.14 in March.
Inventories of durable goods increased 0.7% and auto inventories increased 0.4%.
Sales of durable goods increased 0.5% in May, but nondurable goods fell 1.0%, the largest decline since March 2009.
