Wholesale inventories rise 1.3% in May, exceeding 1.0% estimate

• May Wholesale Inventories: +1.3% to $709.8B vs. +1.0% consensus, +1.1% prior (revised from +0.8%).
• Total inventories were up 8.2% from the revised May 2020 level.
• May 2021 sales of merchant wholesalers increased 0.8% M/M to $576.5B from the revised April level; that figure excludes manufacturers' sales branches and offices and is adjusted for seasonal variations and trading day differences but not for price changes.