Wholesale inventories in the U.S. rose in line with economist estimates in the month of September, the Commerce Department revealed in a report on Thursday.
The report said wholesale inventories edged up by 0.3 percent in September after climbing by a revised 0.8 percent in August.
Economists had expected inventories to rise by 0.3 percent compared to the 0.9 percent increase originally reported for the previous month.
Durable goods inventories rose by 0.3 percent, as notable increases in inventories of electrical and miscellaneous durable goods offset steep drops in inventories of professional and computer equipment.
The report said inventories of non-durable goods also increased by 0.4 percent, primarily reflecting a jump in petroleum inventories.
Additionally, the Commerce Department said wholesale sales surged up by 1.3 percent in September after spiking by 1.9 percent in August.
Sales of non-durable goods jumped by 1.8 percent as sales of petroleum soared by 12.6 percent, while sales of durable goods climbed by 0.7 percent.
With sales rising at a faster pace than inventories, the inventories/sales ratio for merchant wholesalers edged down to 1.27 in September from 1.28 in August.
by RTT Staff Writer
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