U.S. Wholesale Inventories Jump 1.3% In July, In Line With Estimates
(RTTNews) - The Commerce Department released a report on Thursday showing a sharp increase in wholesale inventories in the U.S. in the month of July.
The report said wholesale inventories shot up by 1.3 percent in July after climbing by 0.4 percent in June. The jump in inventories was unchanged from the initial estimate and in line with expectations.
The sharp increase in wholesale inventories came as inventories of non-durable goods surged by 1.6 percent, while inventories of durable goods leapt by 1.1 percent.
The Commerce Department also said wholesale sales climbed by 0.8 percent in July after plunging by 2.9 percent in June.
Sales of durable goods shot up by 1.1 percent during the month, while sales of non-durable goods rose by 0.5 percent.
With inventories jumping by more than sales, the inventories/sales ratio for merchant wholesalers ticked up to 1.20 in July from 1.19 in June.
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