U.S. Business Inventories Increase In Line With Estimates In April
(RTTNews) - A report released by the Commerce Department on Wednesday showed U.S. business inventories increased in line with economist estimates in the month of April.
The Commerce Department said business inventories jumped by 1.2 percent in April after spiking by 2.4 percent in March. The continued surge in inventories matched economist estimates.
The report showed wholesale inventories shot up by 2.2 percent, while retail and manufacturing inventories climbed by 0.7 percent and 0.6 percent, respectively.
Meanwhile, the Commerce Department said business sales rose by 0.4 percent in April after jumping by 1.6 percent in March.
Manufacturing sales edged up by 0.2 percent, while retail and wholesale sales increased by 0.5 percent and 0.7 percent, respectively.
With inventories increasing by more than sales, the total business inventories/sales ratio ticked up to 1.29 in April from 1.28 in March.
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