U.S. Business Inventories Slump Slightly Less Than Expected In June
Business inventories in the U.S. showed a continued decrease in the month of June, according to a report released by the Commerce Department on Friday.
The Commerce Department said business inventories slumped by 1.1 percent in June after tumbling by 2.3 percent in May. Economists had expected business inventories to decline by 1.2 percent.
Retail inventories led the way lower, plunging by 2.6 percent in June after plummeting by 6.2 percent in the previous month.
The report said wholesale inventories also slid by 1.4 percent in June after falling by 1.2 percent in May, while manufacturing inventories rose by 0.6 percent after inching up by 0.2 percent.
Meanwhile, the Commerce Department said business sales soared by 8.4 percent in June after surging up by 8.5 percent in May.
Manufacturing sales skyrocketed by 9.8 percent, while wholesale and retail sales spiked by 8.8 percent and 6.8 percent, respectively.
With sales jumping and inventories slumping, the total business inventories/sales ratio dropped to 1.37 in June from 1.50 in May.