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Financial News: U.S. Business Inventories Growth Matches Estimates In June

U.S. Business Inventories Growth Matches Estimates In June

08/17/2021 - 10:48:00 (RTTNews)

(RTTNews) - The Commerce Department released a report on Tuesday showing business inventories in the U.S. increased in line with economist estimates in the month of June.

The report said business inventories climbed by 0.8 percent in June after rising by an upwardly revised 0.6 percent in May.

Economists had expected business inventories to increase by 0.8 percent compared to the 0.5 percent growth originally reported for the previous month.

Wholesale and manufacturing inventories shot up by 1.1 percent and 1.0 percent, respectively, while retail inventories rose by 0.3 percent.

Meanwhile, the Commerce Department said business sales jumped by 1.4 percent in June after edging down by 0.2 percent in May.

Wholesale and manufacturing sales surged up by 2.0 percent and 1.6 percent, respectively, while retail sales increased by 0.5 percent.

With sales climbed by more than inventories, the total business inventories/sales ratio edged down to 1.25 in June from 1.26 in May.

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