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Financial News: U.S. Wholesale Inventories Unexpectedly Unchanged In June

U.S. Wholesale Inventories Unexpectedly Unchanged In June

08/08/2019 - 10:35:00 (RTTNews)

(RTTNews) - With a drop in inventories of non-durable goods offsetting an increase in inventories of durable goods, the Commerce Department released a report on Thursday showing wholesale inventories in the U.S. were unchanged in the month of June.

The Commerce Department said wholesale inventories were virtually unchanged in June after climbing by 0.4 percent in May. Economists had expected inventories to rise by 0.2 percent.

The report said inventories of durable goods rose by 0.3 percent for the second straight month amid jumps in inventories of computer equipment and furniture.

On the other hand, inventories of non-durable goods fell by 0.4 percent in June after a 0.6 percent increase in May, partly reflecting a steep drop in inventories of drugs.

The Commerce Department also said wholesale sales dipped by 0.3 percent in June after falling by 0.6 percent in May.

While sales of durable goods edged up by 0.1 percent amid a spike in furniture sales, sales of non-durable goods slid by 0.7 percent due in part to a slump in apparel sales.

Even with the drop in sales, the report said the inventories/sales ratio for merchant wholesalers was unchanged from the previous month at 1.36.

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