U.S. Wholesale Inventories Rise Slightly Less Than Expected In July
(RTTNews) - Wholesale inventories in the U.S. increased slightly less than expected in the month of July, according to a report released by the Commerce Department on Monday.
The Commerce Department said wholesale inventories crept up by 0.2 percent in July, while revised data showed inventories were unchanged in June.
Economists had expected wholesale inventories to rise by 0.3 percent compared to the 0.2 percent uptick originally reported for the previous month.
The modest increase by wholesale inventories came as inventories of non-durable goods climbed by 0.5 percent and inventories of durable goods inched up by 0.1 percent.
Meanwhile, the report said wholesale sales shot up by 1.1 percent in July after falling by a revised 0.3 percent in June.
Sales of non-durable goods led the way higher, surging by 1.6 percent, while sales of durable goods increased by 0.5 percent.
With sales jumping by much more than inventories, the inventories/sales ratio for merchant wholesalers edged down to 1.35 in July from 1.36 in June.
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