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Highlights
Wholesale inventories rose 0.3 percent in April while sales rose a greater 1.3 percent, pushing the stock-to-sales ratio down 1 tenth to 1.12. This is good news all the way around, pointing to inventory building as economic growth picks up. Inventories of durables, reflecting a very large 3.5% drop in autos, fell 0.5 percent in the month. Inventories of nondurables, reflecting price gains for petroleum, rose 1.6 percent. Year-on-year, overall wholesale inventories were up 7.1 percent in April against an 8.8 percent rise for sales. The next inventory data will be Wednesday next when retail data, part of the business inventories report, will be released.
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