U.S. wholesale inventories rises in line with estimates in April

Wholesale inventories in the U.S. rose in line with economist estimates in the month of April, according to a report released by the Commerce Department on Tuesday.

The report said wholesale inventories edged up by 0.2 percent in April following a revised 0.3 percent increase in March. The modest growth matched economist estimates.

Inventories of durable goods increased by 0.2 percent, with a 1.9 percent jump in inventories of motor vehicles and parts offsetting a 1.1 percent drop in inventories of metals and minerals, except petroleum.

With inventories of beer, wine, and distilled alcoholic beverages surging up by 2.3 percent, inventories of non-durable goods inched up by 0.1 percent.

The Commerce Department noted that total wholesale inventories in April were up by 4.1 percent compared to the same month a year ago.

Additionally, the report said wholesale sales rose by 0.5 percent in April following a 1.4 percent decrease in the previous month.

Sales of durable goods jumped by 1.6 percent, more than offsetting a 0.5 percent decrease in sales of non-durable goods.

Compared to the same month a year ago, wholesale sales were up by 0.7 percent in April.

With sales increasing at a slightly faster pace than inventories, the wholesale inventories/sales ratio edged down to 1.21 in April from 1.22 in March. The ratio came in at 1.17 in April of 2012.