UPDATE:Total inventories held by U.S. merchants and wholesalers increased 0.6 per cent to $483.5 billion in April, topping analyst expectations for a 0.4 per cent jump.
The jump represents an 8.2 per cent gain from a year ago.
Machinery and equipment led the increase, up 2.4 per cent from one month ago, followed by construction materials (up 1.9 per cent) and durable goods (up 1.1 per cent).
The country’s sales-to-inventory ratio, a key measure of product turn and consumer appetite for goods, increased 2 basis points year-on-year to 1.17.
Below, a look at the sales-to-inventory ratio over the past few years.
Photo: U.S. Census Bureau
Wholesale inventories, final U.S. data point of the week, is expected in a few minutes time.
Economists polled by Bloomberg forecast inventories expanded by 0.4 per cent in April, above the 0.3 per cent growth logged a month earlier.
The report will be released at 10:00 a.m. ET.
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