U.S. Business Inventories Increase In Line With Estimates In August
(RTTNews) - Business inventories in the U.S. increased in line with economist estimates in the month of August, according to a report released by the Commerce Department on Thursday.
The Commerce Department said business inventories rose by 0.4 percent in August after climbing by an upwardly revised 0.9 percent in July.
Economists had expected business inventories to rise by 0.4 percent compared to the 0.8 percent increase originally reported for the previous month.
The report said wholesale and manufacturing inventories both climbed by 0.5 percent, while retail inventories crept up by 0.2 percent.
Meanwhile, the Commerce Department said business sales jumped by 1.1 percent in August after rising by 0.5 percent in July.
Wholesale sales surged by 1.8 percent and retail sales shot up by 1.3 percent, while manufacturing sales were unchanged.
With sales jumping by more than inventories, the total business inventories/sales ratio edged down to 1.33 in August from 1.34 in July.
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