Wholesale inventories in the U.S. rose by more than anticipated in the month of July, according to a report released by the Commerce Department on Friday.
The Commerce Department said wholesale inventories climbed by 0.6 percent in July, matching the downwardly revised increase in June.
Economists had expected inventories to rise by 0.4 percent compared to the 0.7 percent increase originally reported for the previous month.
Inventories of durable goods jumped by 0.9 percent, reflecting notable increases in inventories of electrical goods, metals, and machinery.
The report said inventories of non-durable goods crept up by 0.2 percent, as significant growth in inventories of petroleum and farm products was partly offset by a steep drop in inventories of drugs.
Meanwhile, the Commerce Department said wholesale sales edged down by 0.1 percent in July after climbing by 0.6 percent in June.
Sales of durable goods dipped by 0.1 percent, while sales of non-durable goods came in virtually unchanged compared to the previous month.
With inventories rising and sales falling, the inventories/sales ratio for merchant wholesalers inched up to 1.30 in July from 1.29 in June.
by RTT Staff Writer
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