Inventories Rise More Than Expected
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Inventories at U.S. wholesalers rose 0.8% in April, double the expected increase, as automotive inventories swelled, government data showed Wednesday.
The Commerce Department also revised March’s increase in wholesale inventories to 0.6%, up from a 0.4% gain. Economists on average had forecast a 0.4% April inventory rise.
Rising inventories can signal either growing business confidence about future demand or an unexpected sales drop that causes unsold goods to pile up.
Stocks of durable goods rose 0.4% in April after a 0.2% advance in March.
Auto inventories rose 1.5% in April, reversing direction after a 2.2% decline the month before. Professional equipment stocks rose 1.4%.
Wholesale sales rose 1.5% in April after a 0.2% growth in March. Auto sales fell 2.5% after a 1.2% decline in March.
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Reuters and Bloomberg News were used in compiling this report.
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