US June Wholesale Sales Beat Forecast as Inventories Edge Higher

U.S. wholesale trade sales rose 0.3% in June, three times the 0.1% increase expected by economists and a rebound from May’s 0.3% decline, revised to a 0.4% drop. The stronger-than-forecast gain suggests goods demand at the distributor level held up at the end of the second quarter. Wholesale inventories were revised down to a 0.1% rise for June, half the 0.2% advance previously reported and below the 0.2% consensus estimate. The modest stock build, coupled with firmer sales, points to some easing in the inventory overhang that weighed on growth earlier in the year.