U.S. wholesale inventories remained virtually unchanged month over month in June after the level of wholesale inventories for May were upwardly revised, according to the latest data from the U.S. Census Bureau.
Inventories held by merchant wholesalers, excluding manufacturers' sales branches and offices, came in at a seasonally adjusted $678.67 billion in June from the upwardly revised $678.35 billion recorded in the previous month.
Econoday had projected that wholesale stockpiles would edge up 0.2% month over month in June.
Sales of merchant wholesalers ticked down 0.3% to $498.54 billion in June from a downwardly revised $499.82 billion recorded in the prior month.
The inventories-to-sales ratio in June stood at 1.36, unchanged from the same reading recorded in the prior month.
Year over year, wholesale inventories were up 7.6% in June, while sales edged down 0.2%.