U.S. wholesale inventories up solidly, signal upward GDP revision

"U.S. wholesale inventories rose more than expected in June, the latest indication that the economy grew at a faster pace in the second quarter than reported last month. The Commerce Department said on Tuesday that wholesale inventories increased 0.9 percent as a rise in oil prices boosted the value of petroleum stocks. Inventories also were buoyed by a surge in farm products. Wholesale stocks were revised to show a 0.6 percent rise in May instead of the previously reported 0.8 percent increase. Economists polled by Reuters had forecast wholesale inventories rising 0.4 percent in June. Inventories are a key component of gross domestic product changes. The component of wholesale inventories that goes into the calculation of GDP - wholesale stocks excluding autos - increased 0.8 percent."