JOSH BOAK, AP Economics Writer
WASHINGTON (AP) — U.S. wholesale businesses increased their stockpiles slightly in June while sales rose at a faster pace.
The Commerce Department says inventories at the wholesale level increased 0.3 percent in June, close to the 0.2 percent gain in May. Sales increased for a fourth consecutive month, climbing 1.9 percent in June after advancing 0.7 percent in May. Still, sales levels have dropped 0.4 from a year ago due to declines in prior months.
Since late last year, businesses have been slowing the rebuilding of their stockpiles in the face of weaker domestic sales and a fall in export sales. The slowdown in inventory restocking dampened overall economic growth, but many economists believe inventories will enhance growth in the second half of 2016.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Tagged with tED