Financial News: U.S. Wholesale Inventories Decrease 0.4% In March, In

U.S. Wholesale Inventories Decrease 0.4% In March, In Line With Estimates

05/08/2024 - 10:24:00 (RTTNews)

(RTTNews) - The Commerce Department released a report on Wednesday showing a pullback by U.S. wholesale inventories in the month of March.

The report said wholesale inventories fell by 0.4 percent in March after rising by 0.2 percent in February. The decrease by wholesale inventories matched economist estimates.

Inventories of non-durable goods led the way lower, tumbling by 1.1 percent in March after sliding by 0.5 percent in February.

The Commerce Department also said inventories of durable goods edged down by 0.1 percent in March after climbing by 0.7 percent in February.

Meanwhile, the report said wholesale sales dove by 1.3 percent in March after surging by 2.0 percent in the previous month.

Sales of durable goods slumped by 1.0 percent in March after jumping by 1.4 percent in February, while sales of non-durable goods plunged by 1.6 percent in March after spiking by 2.5 percent in February.

With sales tumbling by more than inventories, the inventories/sales ratio for merchant wholesalers crept up to 1.35 in March from 1.34 in February.

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