The Commerce Department said on Thursday the U.S. wholesale inventories increased 0.8 percent m-o-m in April, after being flat m-o-m in March. That marked the first decline in wholesale inventories since October 2017.

Economists had forecast wholesale inventories growing 0.7 percent m-o-m in April.

On a y-o-y basis, wholesale inventories surged 7.6 percent.

According to the report, wholesale auto stocks surged 3.8 percent m-o-m in April, the largest gain since August 2018.

Meanwhile, wholesale sales dropped 0.4 percent m-o-m in April following an unrevised 1.8 percent m-o-m gain in March.