Afternoon Coffee: Service Sector Revenue Up in Q1, Wholesale Inventory Levels Rise

hacohob/Adobe Stock hacohob/Adobe Stock

Service sector revenues in the United States grew 3.6% in the first quarter of the year compared to the same period in 2015. Total revenue rose to more than $3,345.5 billion.

U.S. wholesale inventory levels in April made their biggest jump in 10 months, rising 0.6%, according to data out today from the Commerce Department. Sales at the wholesale level also grew 1%, marking the biggest rise since April 2015.

U.S. crude oil futures settled at their highest level of 2016 yesterday, hitting $51.23 a barrel. This was the highest price since July 2015.

A Volkswagen manager is suspected of directing employees to destroy or remove documents last year before U.S. authorities discovered the carmaker had been cheating emission tests. German prosecutors are investigating the claim.

 

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