U.S. wholesale inventories in July increased less than expected, rising only 0.1%. Motor vehicle stocks dropped 1.6%, while apparel and prescription medication inventories surged. Inventories had a 0.2% gain in June and contributed 1.3% on a year-over-year basis in July.

In the second quarter, inventories decreased, impacting GDP, but were offset by a smaller trade deficit. The economy grew at a 3.3% annualized rate last quarter after a 0.5% contraction in the first quarter. Sales at wholesalers increased by 1.4% in July, with shelves clearing slightly faster than in June.

Read more at Yahoo Finance: US wholesale inventories revised lower in July