The Commerce Department announced on Friday the U.S. wholesale inventories edged up 0.1 percent m-o-m in October after a revised 0.7 percent m-o-m drop in September (originally, a 0.4 percent m-o-m decline).

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

On a y-o-y basis, wholesale inventories surged 3.8 percent.

According to the report, wholesale auto stocks fell 0.4 percent m-o-m in October, following a 1.3 percent m-o-m drop in the previous month. Apparel inventories decreased 1.4 percent m-o-m, the largest drop since September 2016, after edging up 0.1 percent m-o-m in September. In addition, decreases were also recorded in furniture and professional equipment inventories. Petroleum inventories dropped 3.7 percent m-o-m.

Meanwhile, sales at wholesalers dropped 0.7 percent m-o-m in October, the biggest decline since December 2018, after falling 0.1 percent m-o-m in September.