The U.S. Census Bureau said wholesale trade inventories gained 0.8% in April, more than twice the consensus forecast. That’s going to be a big net positive for second quarter (Q2) gross domestic product (GDP), but wholesale sales continue to lag.
Merchant wholesale sales, except manufacturers’ sales branches and offices, were estimated at $503.1 billion, down 0.4% (±0.5%) from the revised March level. But they were up 2.7% (±0.7%) from the April 2018 level.
Figures are after adjustment for seasonal variations and trading day differences, but not for price changes,
The February 2019 to March 2019 percent change was revised from the preliminary estimate of up 2.3% (±0.5%) to up 1.8% (±0.5%).
| Indicator | Prior | Prior Revised | Consensus Forecast | Consensus Forecast | Actual |
| Inventories – M/M ∆ | -0.1% | 0.0% | 0.3% | 0.1% to 0.7% | 0.8% |
Inventories
Total inventories of merchant wholesalers, except manufacturers’ sales branches and offices, came in at $675.5 billion for April, up 0.8% (±0.4%) from the revised level for March.
Total inventories were up 7.6% (±1.2%) from the revised April 2018 level. The March 2019 to April 2019 percent change was revised from the advance estimate of up 0.7% (±0.2%) to up 0.8% (±0.4%).
Inventories/Sales Ratio
The April inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices, based on seasonally adjusted data, was 1.34.
The April 2018 ratio was 1.28.
