9 July 2004, 18:08  US May wholesale inventories rise more than expected

Inventories at U.S. wholesalers jumped ahead of Wall Street expectations in May, boosted by growth in durable goods stocks, while sales at the wholesale level increased at a milder pace than in April, a government report on Friday showed. The Commerce Department said wholesale inventories rose 1.2 percent in May after an upwardly revised 0.2 percent gain in April. Analysts had expected a 0.5 percent rise in May wholesale inventories, according to a survey. Sales grew at a slightly weaker pace, rising 0.5 percent in May compared to 0.9 percent in April. April inventories were originally reported as a 0.1 percent decline, while April wholesale sales had been initially reported showing a 0.8 percent gain. The gain in inventories and slower sales propped up the inventory-to-sales ratio - which measures how long it would take to draw down stocks at the current sales pace - to 1.13 months' supply from 1.12 in April. Inventories of durable goods - items meant to least three years or more - rose 1.5 percent in May, reflecting large rises in metals, hardware and lumber stocks. The durable goods increase was the highest since a matching 1.5 percent rise in November 1999.|||

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