U.S. Wholesale Inventories Rise Slightly Less Than Expected In June
(RTTNews) - A report released by the Commerce Department on Thursday showed wholesale inventories in the U.S. increased by slightly less than expected in the month of June.
The Commerce Department said wholesale inventories rose by 0.2 percent in June after climbing by 0.3 percent in May. Economists had expected wholesale inventories to increase by another 0.3 percent.
The uptick in wholesale inventories came as a 0.6 percent increase in inventories of durable goods was partly offset by a 0.6 percent decrease in inventories of non-durable goods.
Meanwhile, the Commerce Department said wholesale sales plunged by 3.0 percent in June after surging by 3.5 percent in May.
The report said sales of durable goods slid by 0.8 percent during the month, while sales of non-durable goods plummeted by 5.1 percent.
With inventories inching higher and sales tumbling, the inventories/sales ratio for merchant wholesalers jumped to 1.19 in June from 1.15 in May.
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