WASHINGTON, (Reuters) – U.S. wholesale inventories rose solidly in March, but the pace slowed due to rising sales, data from government sources showed Monday.

According to the Commerce Department, wholesale inventories increased 2.3% in March. This was reported by last month. In February, wholesale inventories jumped 2.8%. Reuters polled economists to find out that most expected inventory levels to be unchanged.

The March increase in wholesale inventories was 22.0% year-on-year. The key component of the gross domestic product is inventories. After rebounding 1.9% from February, wholesale motor vehicle inventories rose 2.4%.

In March, wholesale inventories, which exclude autos, increased 2.3%. This is used to calculate GDP.

The October-December period was a strong quarter, but inventory investment fell in the first trimester. This, along with the record trade deficit, had a negative impact on the gross domestic product. The economy contracted at 1.4% annually in the first quarter.

After a 1.5% increase in February, wholesaler sales increased by 1.7% in March. It would take wholesalers 1.22 years to clear the shelves, based on March’s sales pace. This is unchanged from February.