U.S. wholesale inventories decrease more than initially estimated in January

The Commerce Department announced on Friday the U.S. wholesale inventories fell 0.4 percent m-o-m in January 2020 instead of declining 0.2 percent m-o-m as previously reported.

Economists had forecast the reading to drop 0.2 percent m-o-m. In December, wholesale inventories fell 0.3 percent m-o-m.

According to the report, auto inventories edged up 0.1 percent m-o-m in January, while and apparel inventories dropped 0.9 percent m-o-m.

In y-o-y terms, wholesale inventories grew 0.4 percent in January.