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

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

12/16/2020 - 10:34:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Wednesday showed business inventories in the U.S. increased by more than expected in the month of October.

The Commerce Department said business inventories climbed by 0.7 percent in October after rising by an upwardly revised 0.8 percent in September.

Economists had expected inventories to rise by 0.4 percent compared to the 0.7 percent increase originally reported for the previous month.

Wholesale and retail inventories jumped by 1.1 percent and 0.9 percent, respectively, while manufacturing inventories edged up by 0.2 percent.

The report said business sales also advanced by 0.9 percent in October, matching the upwardly revised increase seen in September.

Wholesale sales spiked by 1.8 percent and manufacturing sales surged up by 1.0 percent, while retail sales came in unchanged.

With sales rising by slightly more than inventories, the total business inventories/sales ratio edged down to 1.31 in October from 1.32 in September.

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