A report released by the Commerce Department on Wednesday showed that U.S. business inventories rose in line with economist estimates in the month of January.
The Commerce Department said business inventories climbed by 0.3 percent in January following a 0.4 percent increase in December.
Retail inventories led the way higher, rising by 0.8 percent in January after coming in unchanged in December.
The report said manufacturing inventories also rose by 0.2 percent, while wholesale inventories edged down by 0.2 percent.
Additionally, the Commerce Department said business sales crept up by 0.2 percent in January after jumping by 2.1 percent in December.
Retail sales climbed by 0.5 percent and manufacturing sales rose by 0.2 percent, although wholesale sales slipped by 0.1 percent.
With inventories and sales both rising, the total business inventories/sales ratio came in at 1.35 in January, unchanged from December.
by RTT Staff Writer
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