Business inventories in the U.S. edged slightly higher in the month of September, according to a report released by the Commerce Department on Tuesday.
The report said business inventories inched up by 0.1 percent in September after rising by 0.2 percent in August. Economists had expected another 0.2 percent increase.
The uptick in inventories came as retail and wholesale inventories crept up by 0.2 percent and 0.1 percent, respectively, while manufacturing inventories were flat.
Meanwhile, the Commerce Department said business sales climbed by 0.7 percent in September following a 0.3 percent increase in August.
While wholesale sales edged up by 0.2 percent, manufacturing and retail sales increased by 0.8 percent and 1.0 percent, respectively.
With sales rising much more than inventories, the total business inventories/sales ratio dipped to 1.38 in September from 1.39 in August.
by RTT Staff Writer
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