The Commerce Department revealed on Wednesday that wholesale inventories rose 0.7 percent m-o-m in June after growing 0.6 percent m-o-m in May (revised from an originally reported 0.4 percent m-o-m gain). That was the biggest gain since last December and exceeded economists' forecast for a 0.6 percent m-o-m increase.

The June increase in wholesale inventories came as auto inventories climbed 1.4 percent m-o-m after advancing 0.6 percent m-o-m in May. Meanwhile, wholesale stocks excluding autos, which goes into the calculation of GDP, rose 0.6 percent m-o-m in June.