Daily Roundup of Key US Economic Data for July 8

May wholesale inventories were revised down to a 0.1% increase from a 0.3% gain in the advance reading. At the same time, wholesale sales increased by 3.4%, much more than expected, led by a price-related surge in petroleum prices. Combined with already released data for the retail and factory levels of distribution, business inventories are on track for a 0.3% gain while business sales are tracking up 2.1%. Both will be released on July 16, when updated retail inventory and sales estimates will be released. Consumer credit usage fell by $200 million in May after a $20.8 billion gain in April, with revolving credit use down and nonrevolving credit use rising at a slower rate than in the previous month. The Mortgage Bankers Association reported a 2.2% drop in mortgage applications in the week ended July 3 after holding roughly steady in the previous week. Refinancing activity and new home applications both declined due to a slight uptick in mortgage rates. Total crude oil inventories fell by 3.2 million barrels in the week ended July 3, with commercial oil inventories up 3 million barrels and stocks in the US Strategic Petroleum Reserve down 6.2 million barrels. Gasoline.