Financial News: U.S. Business Inventories Climb More Than Expected In

U.S. Business Inventories Climb More Than Expected In May

07/16/2024 - 10:33:00 (RTTNews)

(RTTNews) - Business inventories in the U.S. increased by more than expected in the month of May, according to a report released by the Commerce Department on Tuesday.

The Commerce Department said business inventories climbed by 0.5 percent in May after rising by 0.3 percent in April. Economists had expected business inventories to grow by another 0.3 percent.

The bigger than expected increase by business inventories came as wholesale and retail inventories both rose by 0.6 percent, while manufacturing inventories edged up by 0.2 percent.

Meanwhile, the report said business sales came in unchanged in May following a 0.2 percent uptick in the previous month.

While wholesale sales climbed by 0.4 percent and retail sales crept up by 0.2 percent, manufacturing sales slid by 0.7 percent.

The Commerce Department also said the total business inventories/sales ratio based came in at 1.37 in May, unchanged from April.

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