US wholesale inventories tick up in April

U.S. wholesale inventories ticked up in April as stockpiling occurred, just before President Donald Trump's sweeping tariffs were implemented.

Inventories increased 0.2 percent, according to data released Monday by the Commerce Department's Census Bureau.

This came on the heels of a 0.3 rise in March.

Year on year, inventories gained 2.3 percent in April.

Some of this was due to a 1.3 percent increase in prescription medication stocks in April. A rise in stocks of automobiles, groceries and apparel also accounted for the rise.