The Commerce Department announced on Thursday that business inventories fell 2.3 percent m-o-m in May, following a revised 1.4 percent m-o-m decline in April (originally, a drop of 1.3 percent m-o-m).

That was the biggest decline in business inventories on record and was in line with economists’ forecast for a 2.3 percent m-o-m decrease.

According to the report, stocks at retailers plunged 6.2 percent m-o-m in May, while those at wholesalers dropped 1.2 percent m-o-m. At the same time, inventories at manufacturers rose 0.2 percent m-o-m.

In y-o-y terms, business inventories fell 4.8 percent in May.