WASHINGTON (Dow Jones)–Inventories at U.S. wholesalers climbed significantly more than expected during May, even though sales rose at a rate twice as high as stockpiles.


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Wholesalers’ Report: May Apr !Consensus: !
! (Inv) +0.5%!
Inventories: 0.8% 1.3%r ! !
Sales: 1.6% 1.5%r !Actual: +0.8%!
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Wholesalers’ inventories increased 0.8% to a seasonally adjusted $375.81 billion, the Commerce Department said Monday. April inventories rose by 1.3%, revised from the 0.9% increase previously reported for that month.
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The 0.8% increase in May wholesale inventories exceeded Wall Street expectations for 0.5% growth.

The report showed wholesale sales advanced 1.6% in May to $325.55 billion. That followed a 1.5% increase in April, revised from the 1.3% growth previously reported for that month. The May increase was the largest since sales rose 2.1% last September.

Year over year, wholesale sales outpaced inventory growth during May. Stocks were up 7.8%, while sales rose 12.1%.

Wholesalers in May had enough goods on hand to last 1.15 months, down from 1.16 months in April. This inventory-to-sales ratio stood at 1.20 months in May 2012.

Inventories of durable goods – meant to last three or more years – increased 0.8% in May, after rising 1.6% in April. Durable goods sales were 2.6% higher, after rising 0.2% in April.

Auto inventories fell 1.4% in May, while sales in this sector were up 3.0%. Furniture stocks rose 2.7% and metals climbed 2.9%.

Inventories of non-durable goods rose 0.9% in May, after going up 0.8% the previous month. Petroleum stocks rose 7.1% and farm inventories climbed 3.5%. Non-durables sales increased 0.7% in May, after rising 2.7% the previous month.

-By Jeff Bater