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US Wholesale Inventories Drop By Unrevised 0.4% In March

Reporting by Lucia Mutikani; Editing by Paul Simao

WASHINGTON (Reuters) – U.S. wholesale inventories fell in March, confirming that inventory investment was a drag on economic growth in the first quarter.

The Commerce Department’s Census Bureau said on Wednesday that wholesale inventories fell 0.4% as estimated last month. Stocks at wholesalers rebounded 0.2% in February.

Economists polled by Reuters had expected that inventories, a key part of gross domestic product, would be unrevised. Inventories dropped 2.3% on a year-on-year basis in March.

Private inventory investment cut 0.35% percentage point from GDP growth in the first quarter, the government reported last month. It was the second straight quarter that inventories subtracted from GDP.

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