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U.S. wholesale inventories climb 0.5% in May
U.S. wholesale inventories increased by 0.5% in May, while wholesale sales rose 0.7%, the Commerce Department said Thursday. Inventories of durable goods advanced 1.0%, but inventories of nondurable goods such as groceries and clothing fell 0.3%. At May's sales pace, the inventory-to-sales ratio was unchanged at 1.18 months. In April, inventories increased a slightly revised 1.0% while sales jumped 1.3%. Companies increased inventories in the spring at a faster pace to match rising demand for goods. They did far less restocking in the first quarter, a big reason why the U.S. economy shrank 2.9%. Faster restocking of ... (full story)