US wholesale inventories edge higher in March

US wholesale inventories edged slightly higher in March, rising by 0.1% to reach $583.6bn according to the Department of Commerce.

The percentage variation was in-line with economists’ forecasts. However, the previous month’s gain was revised lower by $0.5bn or one tenth of a percentage point.

In comparison to a year ago, inventories were 0.3% higher.

Stocks of non-durable goods increased by 0.5% over the month to $229.45bn and those of goods meant to last three years or longer were down by 0.1% to $354.13bn.

Sales meanwhile were up by 0.7% to $430.7bn but 2.90% below their year-ago levels.

The widely-tracked ratio of inventories to sales stood at 1.36 in March, up from the 1.32 level observed in March 2015.

Following the data, economists at Barclays left their tracking estimate for the rate of growth in first quarter US gross domestic product unchanged at 0.9%.