WASHINGTON — Wholesale inventories increased 0.4% in April, the Commerce Department reported today.
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Inventories were revised higher for March to a 0.7% increase from the 0.4% increase reported last month.
Wholesale sales rose 0.7% in April and sales in March were revised higher to a 2.6% gain from the 2.4% hike originally reported.
Economists expected wholesale sales and inventories to each increase 0.6%, according to the median estimate from Thomson Reuters.
The wholesale inventories-to-sales ratio fell to 1.13, a record low for data going back to January 1992. The ratio for March was revised higher to 1.14 from 1.13. The ratio was 1.36 in April 2009.
