Inventories at the wholesale level increased 0.4% during April (4.5% y/y) following two months of 0.2% increase. Despite the monthly rise, y/y growth decelerated to 4.5%, its slowest since early last year. Durable goods inventories ticked just 0.1% higher (6.6% y/y). Motor vehicle inventories increased 1.8% (13.2% y/y) and machinery inventories advanced 0.7% (6.8% y/y). Electrical equipment inventories declined 1.2% (+7.2% y/y) and furniture inventories slipped 0.2% (+6.2% y/y). Nondurable goods inventories increased 0.8% (1.1% y/y). Petroleum inventories gained 2.3% (-20.7% y/y) and apparel inventories rose 2.7% (8.6% y/y). Chemical inventories gained 2.2% (0.2% y/y) while paper inventories jumped 3.9% (3.5% y/y).

Wholesale sales improved 1.6% (-3.3% y/y) following declines during each of the prior eight months. Durable goods sales improved 1.2% (2.4% y/y) as electrical equipment sales increased 3.2% (8.7% y/y). Motor vehicle sales gained 3.2% (8.1% y/y). In the nondurable goods area, sales increased 2.0% (-8.2% y/y). The gain was paced by a 4.9% rise (-37.3% y/y) in petroleum sales. Chemical sales declined 1.4% (-5.0% y/y) and apparel sales were off by 1.5% (+5.6% y/y). Sales of paper & paper products increased 1.1% (1.9% y/y).

The inventory-to-sales ratio slipped m/m to 1.29. The ratio nevertheless remained near its highest level since 2009. The durable goods I/S ratio fell to 1.64, but still it was higher than its 2010 low of 1.48. The nondurable ratio slipped m/m to 0.95 but that was up from 0.87 last year.

The wholesale trade figures are available in Haver's USECON database.