WASHINGTON – Stockpiles held by U.S. wholesale companies rose in April at the fastest pace in 10 months, while sales climbed by the largest amount in a year.
The Commerce Department says wholesale inventories increased 0.6 per cent in April after a much smaller 0.2 per cent increase in March. It was the biggest inventory gain since a 0.7 per cent rise last June.
Sales at the wholesale level rose 1 per cent following a 0.6 per cent increase in March. The sales advance was the biggest since a 1.4 per cent increase in April 2015.
A slowdown in restocking inventories has dragged economic growth, but economists believe the inventory correction will soon end. The big rise in April inventories could be a sign that process has started.