A report released by the Commerce Department on Friday showed U.S. wholesale inventories rebounded in line with economist estimates in the month of February.
The Commerce Department said wholesale inventories rose by 0.4 percent in February after edging down by 0.2 percent in January. The increase in inventories matched the consensus estimate.
Inventories of non-durable goods climbed by 0.7 percent in February after dipping by 0.2 percent in January, with inventories of petroleum and farm products showing significant increases.
The report said inventories of durable goods also edged up by 0.2 percent in February, reversing the 0.2 percent drop in the previous month. Inventories of metals and lumber jumped sharply.
Additionally, the Commerce Department said wholesale sales increased by 0.6 percent in February after rising by 0.3 percent in January.
Sales of non-durable goods climbed by 0.7 percent in February after edging down by 0.1 percent in January, reflecting sharp increases in sales of alcohol and farm products.
The report said sales of durable goods also rose by 0.4 percent in February after climbing by 0.7 percent in January. Sales of metals and lumber saw significant growth, while auto sales fell sharply.
With inventories and sales both rising, the inventories/sales ratio for merchant wholesalers came in at 1.28 in February, unchanged from the previous month.
by RTT Staff Writer
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