The Commerce Department said on Thursday the U.S. wholesale inventories decreased 0.1 percent m-o-m in March, following a revised 0.4 percent m-o-m advance in February (originally, a gain of 0.2 percent m-o-m). That marked the first decline in wholesale inventories since October 2017.

Economists had forecast wholesale inventories being flat m-o-m in March.

On a y-o-y basis, wholesale inventories surged 6.7 percent.

According to the report, wholesale auto stocks decreased 0.9 percent m-o-m in March, while apparel inventories climbed 1.7 percent m-o-m.

Meanwhile, wholesale sales jumped 2.3 percent m-o-m, following an unrevised 0.3 percent m-o-m gain in February. There were increases in sales of motor vehicles, furniture, professional equipment and electrical goods.