Wholesale inventories rise in April

WASHINGTON (AP) — Stockpiles held by U.S. wholesale companies rose in April at the fastest pace in 10 months, while sales climbed by the largest amount in a year.

The Commerce Department says wholesale inventories increased 0.6 percent in April after a much smaller 0.2 percent increase in March. It was the biggest inventory gain since a 0.7 percent rise last June.

Sales at the wholesale level rose 1 percent following a 0.6 percent increase in March. The sales advance was the biggest since a 1.4 percent increase in April 2015.

A slowdown in restocking inventories has dragged economic growth, but economists believe the inventory correction will soon end. The big rise in April inventories could be a sign that process has started.