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U.S. Wholesale inventories rise in May, sales decline
U.S. wholesale inventories edged higher in May despite a big drop in stocks of oil, a U.S. Commerce Department report showed on Wednesday. Total wholesale inventories increased 0.3 percent to $484.1 billion, matching the median forecast in a Reuters poll of economists. The government revised slightly lower its estimate for inventory growth in April. Inventories are a key component of the government's calculation of gross domestic product. Many economists think economic growth slowed in the second quarter, and the data on wholesale inventories appeared unlikely to change that view. Stocks of durable goods, such as ... (full story)