The Commerce Department announced on Wednesday the U.S. wholesale inventories rose 0.2 percent m-o-m in July, after being unchanged m-o-m in June.

Economists had forecast wholesale inventories growing 0.2 percent m-o-m in July.

On a y-o-y basis, wholesale inventories surged 7.1 percent.

According to the report, wholesale auto stocks rose 0.5 percent m-o-m in July, following a 0.1 percent m-o-m drop in the previous month. There were also gains in professional equipment and furniture inventories. Meanwhile, apparel, hardware and electrical goods inventories declined and machinery inventories dropped by the most since December 2017.

Wholesale sales rose 0.3 percent m-o-m in July, following a 0.3 percent m-o-m fall in June.