US Wholesale Inventories Down 1.2% in May

Wholesale inventories in the United States declined during the month of May by 1.2%, meeting market estimates.

This comes after inventories increased by 0.2% in April, according to data by the US Department of Commerce.

Wholesalers’ sales increased by 5.4% in May, after falling by 16.4% in April, Reuters reported.

In addition, wholesale inventories’ contribution to GDP decreased by 0.7% in May.

May saw a decline in imported goods to a 10-year low, due to the COVID-19 pandemic and restrictions.