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Monday, April 22, 2019 3:53:59 PM EDT

Wholesale Inventories Updated 17-Apr-19 10:18AM ET

Wholesale inventories increased 0.2% in February on top of a downwardly revised 1.2% increase (from 1.4%) in January.

Wholesale sales were up 0.3% following an unrevised 0.5% increase in January.

On a year-over-year basis, total sales were up 2.1% while total inventories were up 6.9%.

Durable inventories increased 0.1% in February. A 0.7% increase in machinery inventories was offset somewhat by a 1.2% decline in both metals and lumber inventories, as well as a 1.9% decline in computer equipment inventories.

Nondurable inventories increased 0.3% in February, having been restrained by a 2.0% decline in farm products inventories, a 1.8% decline in chemicals inventories, and a 1.3% decline in petroleum inventories.

The inventories-to-sales ratio held steady at 1.35, but was up from 1.29 in the same period a year ago.

The key takeaway from the report is that inventory growth continues to outpace sales growth on a year-over-year basis, which should help keep price pressures in check.