U.S. wholesale inventories rose modestly in May despite a big decline in supplies of crude oil, the government reported Wednesday. The Commerce Department said wholesale inventories increased 0.3 percent to $484.1 billion, in line with economist expectations. Sales at wholesalers fell 0.8 percent, largely due to a 4.7 percent drop in petroleum sales. It was the sharpest drop for both readings since March 2009. Inventories of durable goods, like cars, computers, and machinery, rose 0.6 percent in May. Supplies of petroleum fell 3.6 percent. Inventories are a key component of the government's calculation of gross domestic product (GDP). Many economists believe economic growth slowed in the second quarter, and the May data on wholesale inventories seemed unlikely to change that view.
