U.S. Business Inventories Climb In Line With Estimates In July
Business inventories in the U.S. increased in line with economist estimates in the month of July, the Commerce Department revealed in a report released on Friday.
The Commerce Department said business inventories climbed by 0.6 percent in July after inching up by 0.1 percent in June.
Manufacturing inventories showed a notable increase during the month, jumping by 0.8 percent in July after edging up by 0.2 percent in June.
The report said wholesale and retail inventories also rose by 0.6 percent and 0.5 percent, respectively, during the month.
The Commerce Department also said business sales crept up by 0.2 percent in July after rising by 0.3 percent in June.
Retail sales increased by 0.5 percent during the month, while manufacturing and wholesale sales came in unchanged.
With inventories rising by more than sales, the total business inventories/sales ratio ticked up to 1.34 in July from 1.33 in June.
by RTTNews Staff Writer
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