Figures released Friday indicated U.S. wholesale inventories were a bit higher than initially estimated in April amid increases in the stocks of motor vehicles and a range of other goods.
The U.S. Commerce Department reported wholesale inventories edged up 0.1% instead of an unchanged reading as it reported last month. Stocks at wholesalers rose 0.2% in March, and were up 5.8%year-on-year in April.
The component of wholesale inventories that goes into the calculation of gross domestic product - wholesale stocks excluding autos - nudged up 0.1% in April.
The Commerce Department went on to say that wholesale auto inventories increased 0.4% in April after ticking up 0.1% in March. There were also increases in inventories of professional and computer equipment as well as metals and hardware. Wholesale petroleum stocks surged 3.1% in April after increasing 1.2% in March.
