U.S. Business Inventories Increase In Line With Estimates In April
(RTTNews) - A report released by the Commerce Department on Tuesday showed business inventories in the U.S. increased in line with economist estimates in the month of April.
The Commerce Department said business inventories rose by 0.3 percent in April after edging down by 0.1 percent in March. Economists had expected business inventories to climb by 0.3 percent.
The rebound by business inventories came as retail inventories advanced by 0.7 percent in April after inching up by 0.1 percent in March.
Manufacturing inventories crept up by 0.1 percent in April after coming in unchanged in March, while wholesale inventories ticked up by 0.1 percent in April after falling by 0.5 percent in March.
The Commerce Department said business sales also rose by 0.3 percent in April following a 0.2 percent dip in the previous month.
Manufacturing sales led the way higher, jumping by 1.0 percent in April after climbing by 0.4 percent in March.
Wholesale sales edged up by 0.1 percent in April after tumbling by 1.3 percent in March, while retail sales fell by 0.3 percent in April after increasing by 0.6 percent in March.
With inventories and sales rising at the same rate, the total business inventories/sales ratio came in unchanged from the previous month at 1.37.
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