The Commerce Department announced on Thursday the U.S. wholesale inventories fell 1.2 percent m-o-m in May, in line with the preliminary estimate. This was the largest drop in wholesale inventories since September 2009.

Economists had forecast the reading to stay unrevised at -1.2 percent m-o-m. In April, wholesale inventories rose by a revised 0.2 percent m-o-m (originally a gain of 0.3 percent m-o-m).

According to the report, durable goods inventories declined 2.0 percent m-o-m in May, while stocks of nondurable goods edged up 0.1 percent m-o-m.

In y-o-y terms, wholesale inventories decreased 4.2 percent in May.