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Financial News: U.S. Business Inventories Dip Slightly More Than Expected

U.S. Business Inventories Dip Slightly More Than Expected In November

01/16/2020 - 10:46:00 (RTTNews)

(RTTNews) - A report released by the Commerce Department on Thursday showed a slightly bigger than expected decrease in U.S. business inventories in the month of November.

The Commerce Department said business inventories dipped by 0.2 percent in November after inching up by a revised 0.1 percent in October.

Economists had expected inventories to edge down by 0.1 percent compared to the 0.2 percent increase originally reported for the previous month.

The modest decrease in business inventories came as retail inventories slumped by 0.8 percent in November following a 0.1 percent uptick in October.

Wholesale inventories also dipped by 0.1 percent in November after creeping up by 0.1 percent in October, while manufacturing inventories rose by 0.3 percent following a 0.2 percent increase.

Meanwhile, the report also said business sales climbed by 0.7 percent in November after slipping by 0.2 percent in the previous month.

Wholesale sales led the way higher, surging up by 1.5 percent, while retail and manufacturing sales rose by 0.4 percent and 0.3 percent, respectively.

With inventories falling and sales rising, the total business inventories/sales ratio edged down to 1.39 in November from 1.40 in October.

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