06/09/2016 06:07 EDT | Updated 06/10/2017 01:12 EDT

Wholesale inventories rise in April

WASHINGTON — Stockpiles held by U.S. wholesale companies rose in April at the fastest pace in 10 months, while sales climbed by the largest amount in a year.

The Commerce Department says wholesale inventories increased 0.6 per cent in April after a much smaller 0.2 per cent increase in March. It was the biggest inventory gain since a 0.7 per cent rise last June.

Sales at the wholesale level rose 1 per cent following a 0.6 per cent increase in March. The sales advance was the biggest since a 1.4 per cent increase in April 2015.

A slowdown in restocking inventories has dragged economic growth, but economists believe the inventory correction will soon end. The big rise in April inventories could be a sign that process has started.