Financial News: U.S. Business Inventories Increase In Line With Estimates

U.S. Business Inventories Increase In Line With Estimates In June

08/15/2024 - 12:21:00 (RTTNews)

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

The report said business inventories rose by 0.3 percent in June after climbing by 0.5 percent in May. The growth matched expectations.

The increase by business inventories largely reflected notable growth by retail inventories, which jumped by 0.9 percent in June after advancing by 0.8 percent in May.

Wholesale inventories also crept up by 0.2 percent in June after rising by 0.5 percent in May, while manufacturing inventories were unchanged in June after inching up by 0.1 percent in May.

Meanwhile, the Commerce Department said business sales edged down by 0.1 percent in June after coming in unchanged in May.

Wholesale and retail sales fell by 0.6 percent and 0.3 percent, respectively, while manufacturing sales increased by 0.5 percent.

The report also said the total business inventories/sales ratio came in at 1.38 in June, unchanged from the previous month and the same month a year ago.

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