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Financial News: U.S. Business Inventories Rise Slightly Less Than Expected

U.S. Business Inventories Rise Slightly Less Than Expected In August

10/16/2020 - 10:17:00 (RTTNews)

(RTTNews) - Business inventories in the U.S. increased by slightly less than expected in the month of August, according to a report released by the Commerce Department of Friday.

The Commerce Department said business inventories rose by 0.3 percent in August after inching up by 0.1 percent in July. Economists had expected inventories to climb by 0.4 percent.

The increase in business inventories came as wholesale and retail inventories both grew by 0.4 percent, while manufacturing inventories came in unchanged line.

The report also said business sales climbed by 0.6 percent in August following a 3.4 percent spike in the previous month.

Wholesale sales jumped by 1.4 percent during the month, while manufacturing and retail sales crept up by 0.3 percent and 0.2 percent, respectively.

With sales increasing by more than inventories, the total business inventories/sales ratio edged down to 1.32 in August from 1.33 in July.

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