U.S. wholesalers restocked at a modest pace in May after a slowdown a month earlier.
Wholesale inventories grew a seasonally adjusted 0.4% in May from the prior month, the Commerce Department said Tuesday. Economists surveyed by The Wall Street Journal had expected a 0.3% increase.
Sales in May were down 0.5% from a month earlier but were up 6.2% from a year earlier. The ratio of inventories to sales fell to 1.29 in May from 1.34 a year earlier.
Change in inventories is an important component in the calculation of gross domestic product. Economic output expanded at a seasonally and inflation-adjusted annual rate of 1.4% in the first quarter, the Commerce Department reported.
Some economists expect an acceleration in inventories data in the second quarter after a soft first-quarter reading.
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(END) Dow Jones Newswires
July 11, 2017 10:24 ET (14:24 GMT)