WASHINGTON (Reuters) - U.S. wholesale inventories
rose less than expected in June, which could have an impact on
the growth estimate for the second-quarter.
The Commerce Department said on Friday wholesale inventories
increased 0.3 percent after a downwardly revised 0.3 percent
gain in May.
Economists polled by Reuters had expected stocks at
wholesalers to rise 0.6 percent in June after a previously
reported 0.5 percent increase the prior month.
Inventories are a key component of gross domestic product
changes. The component that goes into the calculation of GDP -
wholesale stocks excluding autos - increased 0.4 percent.
A report this week showed stocks of nondurable goods at
manufacturers rose far less than the government had assumed in
its advance second-quarter gross domestic product estimate
published last week.
In that report, the government said inventories contributed
1.66 percentage points to GDP growth, which expanded at a 4.0
percent annual pace.
Wholesale inventories in June were held back by a decline in
automobiles and nondurable goods.
Sales at wholesalers rose 0.2 percent after increasing 0.7
percent in May. There were declines in sales of nondurable
goods, hardware and apparel.
At June’s sales pace it would take 1.17 months to clear
shelves, unchanged from May.
Reporting by Lucia Mutikani; Editing by Andrea Ricci