Business inventories in the U.S. rose in line with economist estimates in the month of August, according to a report released by the Commerce Department, with the increase partly reflecting a rebound in retail inventories.
The Commerce Department said business inventories edged up by 0.2 percent in August after coming in unchanged in July. The modest increase matched economist estimates.
Retail inventories showed a significant rebound, climbing by 0.6 percent in August following a 0.2 percent drop in the previous month.
The report also said manufacturing inventories rose by 0.2 percent for the second straight month, while wholesale inventories fell by 0.2 percent in August after dipping by 0.1 percent in July.
Additionally, the Commerce Department said wholesale sales increased by 0.2 percent in August following a 0.3 percent drop in July.
Wholesale sales saw a notable 0.7 percent advance in August after sliding by 0.6 percent in the previous month. Manufacturing sales were unchanged, while retail sales dropped by 0.3 percent.
The total business inventories/sales ratio came in at 1.39 in August, unchanged from the previous month but up from 1.38 in the same month a year ago.
by RTT Staff Writer
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