Wholesale inventories in the U.S. increased by slightly less than expected in the month of April, according to a report released by the Commerce Department on Tuesday.
The Commerce Department said wholesale inventories rose by 0.3 percent in April after tumbling by a revised 1.1 percent in March.
Economists had expected wholesale inventories to rise by 0.4 percent compared to the 0.8 percent slump originally reported for the previous month.
The rebound in wholesale inventories came as inventories of non-durable goods surged up by 1.1 percent in April after plunging by 3.4 percent in March.
Meanwhile, the report said inventories of durable goods fell by 0.3 percent in April after rising by 0.4 percent in the previous month.
The Commerce Department also said wholesale sales plunged by 16.9 percent in April after tumbling by 5.1 percent in March.
Sales of durable goods and non-durable goods both showed substantial decreases, plummeting by 17.3 percent and 16.5 percent, respectively.
With inventories rising and sales falling sharply, the inventories/sales ratio for merchant wholesalers spiked to 1.65 in April from 1.36 in March.