The Commerce Department announced on Wednesday the U.S. wholesale inventories rose 1.1 percent m-o-m in October, better than the preliminary estimate of a 0.9 percent m-o-m growth. This was the largest monthly rise in wholesale inventories since January 2019.

Economists had forecast the reading to stay unrevised at +0.9 percent m-o-m.

In September, wholesale inventories increased 0.9 percent m-o-m.

According to the report, durable goods inventories rose 0.3 percent m-o-m in October, while stocks of nondurable goods climbed 2.5 percent m-o-m.

In y-o-y terms, wholesale inventories dropped 2.2 percent in October.