US wholesale inventories rise 0.3 per cent in June

US wholesale inventories rise 0.3 per cent in June | iNFOnews.ca
FILE - In this Saturday, June 6, 2015, file photo, Ailyn Lopez sets up a display of tomatoes while helping out on her family's stand at the Atlanta Farmers Market in Atlanta. On Tuesday, Aug. 9, 2016, the Commerce Department releases wholesale trade inventories for June. (AP Photo/David Goldman, File)

WASHINGTON – U.S. wholesale businesses increased their stockpiles slightly in June while sales rose at a faster pace.

The Commerce Department says inventories at the wholesale level increased 0.3 per cent in June, close to the 0.2 per cent gain in May. Sales increased for a fourth consecutive month, climbing 1.9 per cent in June after advancing 0.7 per cent in May. Still, sales levels have dropped 0.4 from a year ago due to declines in prior months.

Since late last year, businesses have been slowing the rebuilding of their stockpiles in the face of weaker domestic sales and a fall in export sales. The slowdown in inventory restocking dampened overall economic growth, but many economists believe inventories will enhance growth in the second half of 2016.

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