U.S. wholesale inventories rose 0.4% in April, according to U.S. Commerce Department data released Tuesday. This was above expectations of a 0.2% gain. Inventories of durable goods, such as autos and machinery, increased 0.1%. Meanwhile, inventories of nondurable goods rose 0.8%. Wholesale sales rose 1.6% in April, following a drop of 0.3% in March. At April's sales pace, the inventory-to-sales ratio ticked down to 1.29 from 1.30. For March, inventory growth was revised to 0.2% from a prior estimate of 0.1%.
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