The Commerce
Department reported on Wednesday its final estimates revealed that the U.S.
wholesale inventories climbed 0.6 per cent m-o-m in May, matching the preliminary estimate. This marked the largest monthly advance since November
2022 (+0.6 per cent m-o-m).
Economists had forecast
the reading to stay unrevised at +0.6 per cent m-o-m.
In April,
wholesale inventories rose 0.2 per
cent m-o-m.
According to
the report, durable goods
inventories jumped 0.6 per cent m-o-m in May, reflecting increases in 4 out
of 9 durable industries, led by Automotive (+1.9 per cent m-o-m) and Machinery (+1.2
per cent m-o-m). Meanwhile,
stocks of nondurable goods dropped by 0.3 per cent m-o-m, reflecting
declines in 7 out of 9 nondurable businesses, driven by Farm products (-5.1 per
cent m-o-m) and Apparel (-2.4 per cent m-o-m).
In y-o-y terms, wholesale inventories decreased
0.5 per cent in May.