Business inventories in the U.S. rose by slightly more than expected in the month of June, the Commerce Department revealed a report released on Friday.
The Commerce Department said business inventories edged up by 0.2 percent in June, matching the uptick seen in May. Economists had expected inventories to inch up by 0.1 percent.
Retail and wholesale inventories climbed by 0.5 percent and 0.3 percent, respectively, while manufacturing inventories dipped by 0.1 percent.
The report also said business sales surged up by 1.2 percent in June after rising by 0.3 percent in the previous month.
The increase was partly due to a 1.9 percent jump in wholesale sales, although retail and manufacturing sales also climbed by 0.9 percent and 0.7 percent, respectively.
With sales increasing by much more than inventories, the total business inventories/sales ratio slipped to 1.39 in June from 1.40 in May.
Compared to the same month a year ago, business inventories were up by 0.5 percent but business sales were down by 0.6 percent.
by RTT Staff Writer
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