Wholesale inventories in the U.S. increased by more than expected in the month of May, according to a report released by the Commerce Department on Friday.

The report said wholesale inventories surged up by 1.3 percent in May after jumping by an upwardly revised 1.1 percent in April.

Economists had expected wholesale inventories to jump by 1.1 percent compared to the 0.8 percent increase that had been reported for the previous month.

The bigger than expected increase in wholesale inventories came as inventories of durable goods and non-durable goods shot up by 1.2 percent and 1.5 percent, respectively.

Meanwhile, the Commerce Department said wholesales climbed by 0.8 percent in May after surging up by 1.1 percent in April.

A 1.7 percent spike in sales of durable goods more than offset a 0.1 percent dip in sales of non-durable goods.

With inventories rising by more than sales, the inventories/sales ratio for merchant wholesalers inched up to 1.23 in May from 1.22 in April.

US Dollar vs CAD (FX:USDCAD)
Forex Chart
From Aug 2021 to Sep 2021 Click Here for more US Dollar vs CAD Charts.
US Dollar vs CAD (FX:USDCAD)
Forex Chart
From Sep 2020 to Sep 2021 Click Here for more US Dollar vs CAD Charts.