The Commerce Department announced on Thursday that business inventories remained unchanged m-o-m in June, following an unrevised 0.3 percent m-o-m increase in May.

That was below economists’ forecast of a 0.1 percent m-o-m uptick.

According to the report, retail inventories declined 0.3 percent m-o-m in June, while wholesale inventories were flat m-o-m and stocks at manufacturers rose 0.2 percent m-o-m.

Retail inventories excluding autos, which go into the calculation of GDP, edged down 0.1 percent m-o-m, the same pace as in the prior month.

In y-o-y terms, business inventories climbed 5.2 percent in June.