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Financial News: U.S. Wholesale Inventories Rise Slightly Less Than Expecte

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

10/09/2020 - 10:10:00 (RTTNews)

(RTTNews) - Wholesale inventories in the U.S. rose by slightly less than anticipated in the month of August, according to a report released by the Commerce Department on Friday.

The Commerce Department said wholesale inventories climbed by 0.4 percent in August after edging down by 0.2 percent in July. Economists had expected inventories to increase by 0.5 percent.

Inventories of durable goods grew by 0.6 percent in August after slumping by 0.7 percent in July, while inventories of non-durable goods were unchanged after climbing by 0.7 percent.

Meanwhile, the report said wholesale sales jumped by 1.4 percent in August following a 4.8 percent spike in the previous month.

Sales of durable goods surged up by 1.3 percent in August after soaring by 4.4 percent in July, while sales of non-durable goods shot up by 1.6 percent after skyrocketing by 5.2 percent.

With sales climbing by much more than inventories, the inventories/sales ratio for merchant wholesalers edged down to 1.31 in August from 1.32 in July.

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