The Commerce Department announced on Friday that business inventories fell 1.1 percent m-o-m in June, following an unrevised 2.3 percent m-o-m decline in May.

That was better than economists’ forecast for a 1.2 percent m-o-m decrease.

According to the report, stocks at retailers dropped 2.6 percent m-o-m in June, while those at wholesalers fell 1.4 percent m-o-m. At the same time, inventories at manufacturers rose 0.6 percent m-o-m.

In y-o-y terms, business inventories declined 5.8 percent in June.