U.S. Business Inventories Climb More Than Expected In September
Partly reflecting a jump in retail inventories, the Commerce Department released a report on Tuesday showing U.S. business inventories increased by more than expected in the month of September.
The report said business inventories climbed by 0.7 percent in September after rising by 0.3 percent in August. Economists had expected inventories to increase by 0.5 percent.
The Commerce Department said retail inventories spiked by 1.7 percent in October after rising by 0.5 percent in September.
Wholesale inventories also rose by 0.4 percent in October following a 0.5 percent increase in September, while manufacturing inventories were unchanged for the second straight month.
Meanwhile, the report said business sales increased by 0.6 percent in October after climbing by 0.9 percent in the previous month.
Retail sales surged up by 1.5 percent in October following a 1.1 percent jump in September. Manufacturing and wholesale sales also inched up by 0.3 percent and 0.1 percent, respectively.
With inventories and sales both rising, the total business inventories/sales ratio in October was unchanged from September at 1.32.