The Commerce Department announced on Friday the U.S. wholesale inventories fell 1.4 percent m-o-m in June, better than the preliminary estimate of a 2.0 percent m-o-m decline. This was the largest drop in wholesale inventories since July 2009.

Economists had forecast the reading to stay unrevised at -2.0 percent m-o-m.

In May, wholesale inventories fell by 1.2 percent m-o-m.

According to the report, durable goods inventories declined 1.7 percent m-o-m in June, while stocks of nondurable goods decreased 1.0 percent m-o-m.

In y-o-y terms, wholesale inventories dropped 5.6 percent in June.