U.S. Wholesale Inventories Rise In Line With Estimates In July
(RTTNews) - Wholesale inventories in the U.S. showed a modest rebound in the month of July, according to a report released by the Commerce Department on Wednesday.
The report said wholesale inventories rose by 0.2 percent in July after edging down by a revised 0.1 percent in June. The uptick in inventories matched economist estimates.
The rebound in wholesale inventories came as inventories of non-durable goods climbed by 0.8 percent in July after falling by 0.4 percent in June.
Inventories of petroleum products showed a notable increase along with inventories of drugs, farm products, and groceries.
On the other hand, inventories of durable goods dipped by 0.2 percent in July after inching up by 0.1 percent in the previous month.
The report showed steep drops in inventories of metals and electrical equipment, which more than offset a jump in inventories of computer equipment.
The Commerce Department also said wholesale sales rose by 0.3 percent in July after dipping by 0.3 percent in June.
Sales of non-durable goods jumped by 1.2 percent amid a spike in sales of farm products, while sales of durable goods slid by 0.7 percent amid a sharp drop in sales of miscellaneous goods.
With inventories and sales both rising, the inventories/sales ratio for merchant wholesalers was unchanged from the previous month at 1.36.