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Financial News: U.S. Wholesale Inventories Inch Up 0.1% In April

U.S. Wholesale Inventories Inch Up 0.1% In April

06/08/2018 - 10:32:00 (RTTNews)

(RTTNews) - Wholesale inventories edged higher in the month of April, according to a report released by the Commerce Department on Friday, while wholesale sales saw a notable increase.

The report said wholesale inventories inched up by 0.1 percent in April after rising by a revised 0.2 percent in March.

The uptick in inventories matches economist estimates and represents an upward revision from the preliminary reading showing inventories were unchanged.

Inventories of durable goods rose by 0.2 percent in April after climbing by 0.7 percent in March, with jumps in inventories of metals and hardware partly offset by steep drops in inventories of furniture and miscellaneous durable goods.

The Commerce Department said inventories of non-durable goods came in unchanged after falling by 0.6 percent in March.

Sharp increases in inventories of farm products and petroleum were offset by substantial declines in inventories of drugs, paper, and chemicals.

Meanwhile, the report said wholesale sales increased by 0.8 percent in April after rising by 0.4 percent in the previous month.

Sales of durable goods climbed by 0.8 percent in April after edging down by 0.1 percent in March, while sales of non-durable goods rose by 0.7 percent after increasing by 0.8 percent.

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