The Commerce Department said on Wednesday that wholesale inventories rose 0.8% as estimated last month. Stocks at wholesalers advanced 1.2% in March. Wholesale inventories increased 5.2% in April from a year earlier.
"There are downside risks for the inventory build," said Matt Colyar, an economist at Moody's Analytics in West Chester Pennsylvania. "Supply chain disruptions could become an even bigger problem, choking off producers' ability to restock depleted inventories." The component of wholesale inventories that goes into the calculation of gross domestic product also increased 0.8%. Economists maintained their lofty second-quarter GDP growth estimates, mostly in the double-digit zone, but cautioned that bottlenecks in the supply chain posed a downside risk.
Businesses ran down inventories in the first quarter amid a burst in domestic demand. The inventory drawdown subtracted nearly three percentage points from GDP growth last quarter. Still, the economy grew at a robust 6.4% annualized rate after expanding at a 4.3% pace in the fourth quarter.
Are there any bicycles in this rise of inventories?
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