Inventories at U.S. companies rose less than forecast in June, indicating companies kept a tight rein on supply as consumer spending cooled.

The 0.3 percent increase in stockpiles was the smallest since May 2010 and followed a revised 0.9 percent gain in May that was less than initially estimated, the Commerce Department said today in Washington. The median projection in a Bloomberg News survey was for a 0.5 percent rise. Sales climbed 0.4 percent.

Slower stockpile accumulation indicates companies are being prudent in the amount of goods they keep on shelves, indicating the economy isn’t suffering from excess supply. Another report today showed retail sales picked up in July, a sign companies will need to place more orders to replenish inventories.

“We don’t have a big buildup in inventories like we did prior to the last recession and that’s good news,” Kurt Karl, chief U.S. economist at Swiss RE in New York, said before the report. “That implies a shallow downturn if we have one.”

Stockpiles in May were revised from a previously reported 1 percent gain.

Retail sales climbed in July by the most in four months, showing consumers are holding up even as employment slows, another report from the Commerce Department showed today. The 0.5 percent increase in purchases matched the median forecast of economists surveyed by Bloomberg News and followed a 0.3 percent gain in June that was larger than previously estimated.

Retailers’ inventories, the only part of today’s stockpile report not previously released, rose 0.2 in June as sales increased 0.3 percent.

Inventory Breakdown

Factory inventories, which comprise about 38 percent

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