Financial News: U.S. Business Inventories Inch Up Slightly Less Than

U.S. Business Inventories Inch Up Slightly Less Than Expected In September

11/15/2024 - 11:08:00 (RTTNews)

(RTTNews) - With a jump by retail inventories partly offset by dips by manufacturing and wholesale inventories, the Commerce Department released a report on Friday showing U.S. business inventories crept up by slightly less than expected in the month of September.

The Commerce Department said business inventories inched up by 0.1 percent in September after climbing by 0.3 percent in August. Economists had expected business inventories to rise by 0.2 percent.

The uptick by business inventories came as retail inventories grew by 0.9 percent in September following a 0.8 percent advance in August.

Meanwhile, manufacturing inventories dipped by 0.2 percent in September after edging up by 0.1 percent in August and wholesale inventories slipped by 0.2 percent in September after rising by 0.2 percent in August.

The Commerce Department also said business sales rose by 0.3 percent in September after falling by 0.2 percent in August.

Retail sales grew by 0.8 percent and wholesale sales increased by 0.3 percent, but manufacturing sales fell by 0.4 percent.

The report said the total business inventories/sales ratio came in at 1.38 in September, unchanged from the previous month.

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