US wholesale inventories unrevised in February

WASHINGTON, April 9 (Reuters) - U.S. wholesale inventories increased steadily in February, the government confirmed on Wednesday, amid front-loading of imported goods like lumber and professional equipment by businesses ahead of tariffs.

Stocks at wholesalers rose by an unrevised 0.3%, the Commerce Department's Census Bureau said, matching the consensus forecast of economists polled by Reuters

Inventories, a key part of gross domestic product, increased 1.1% on a year-on-year basis in February. Businesses have been rushing in imports hoping to avoid President Donald Trump's barrage of duties on foreign goods.

Wholesales stocks of lumber increased 1.8% for a second straight month, while those of professional equipment rose 1.2%. Hardware inventory advanced 1.2%. Inventories of motor vehicles and parts rose as did those of paper, groceries and petroleum.

Excluding motor vehicles, wholesale inventories gained 0.3%. This component goes into the calculation of GDP.

Private inventory investment was a big drag on GDP in the fourth quarter. Growth estimates for the first quarter are below a 0.5% annualized rate, with a high chance for a contraction. The economy grew at a 2.4% pace in the October-December quarter.

Sales at wholesalers rebounded 2.4% in February after falling 0.9% in January. At February's sales pace it would take wholesalers 1.30 months to clear shelves, down from 1.32 in January.