Mubasher: US wholesale inventories ticked up in May, higher than the provisional estimates, amid strong rises in machinery stockpiles, official data showed on Wednesday.
Wholesale inventories, excluding manufacturing sales branches, rose 0.6% to $633.5 billion in the fifth month of 2018, instead of the initial reading of a 0.5% gain last month, the US Commerce Department’s Census Bureau said.
Stockpiles at wholesalers increased 5.9% in May compared to the same month last year.
Machinery inventories climbed 1.5% in May following a 0.4% increase in the previous month.
Meanwhile, wholesale automotive inventories fell 1.2% in the fifth month of the year, after inching up 0.2% in the previous month.
Wholesaler sales were 2.5% higher in the fifth month of the year, recording the largest rise since March 2011, while auto sales saw a notable recovery, jumping 2.9% after falling 0.4% in the preceding month.
Given May’s sales pace, wholesalers would take 1.24 months to clear shelves, the lowest the inventories-to-sales ratio seen since November 2014, compared to 1.27 months in April.