U.S. Wholesale Inventories Unexpectedly Rebound In February
(RTTNews) - A report released by the Commerce Department on Thursday showed wholesale inventories in the U.S. unexpectedly rebounded in the month of February.
The Commerce Department said wholesale inventories climbed by 0.8 percent in February after falling by a revised 0.3 percent in January.
Economists had expected wholesale inventories to dip by 0.2 percent compared to the 0.5 percent decrease that had been reported for the previous month.
The unexpected rebound by wholesale inventories came as inventories of durable goods grew by 0.8 percent, while inventories of non-durable goods shot up by 1.0 percent.
The Commerce Department also said wholesale sales surged by 2.7 percent in February after jumping by 1.1 percent in January.
Sales of durable goods spiked by 4.1 percent during the month, while sales of non-durable goods grew by 1.4 percent.
With sales increasing by much more than inventories, the inventories/sales ratio for merchant wholesalers fell to 1.22 in February from 1.25 in January.
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