U.S. Wholesale Inventories Decrease In Line With Estimates In January
(RTTNews) - A report released by the Commerce Department on Tuesday showed wholesale inventories in the U.S. decreased in line with economist estimates in the month of January.
The Commerce Department said wholesale inventories fell by 0.4 percent in January after inching up by 0.1 percent in December. The drop matched expectations as well as the preliminary estimate.
The decline by wholesale inventories came as inventories of non-durable goods slumped by 0.9 percent for the second straight month, while inventories of durable goods edged down by 0.1 percent in January after climbing by 0.7 percent in December.
Meanwhile, the report said wholesale sales jumped by 1.0 percent in January after slipping by 0.2 percent in the previous month.
Sales of non-durable goods shot up by 1.3 percent in January after increasing by 0.7 percent in December, while sales of durable goods advanced by 0.7 percent after rising by 0.5 percent.
With inventories falling and sales surging, the inventories/sales ratio for merchant wholesalers dipped to 1.34 in January from 1.36 in December.
Next Wednesday, the Commerce Department is scheduled to release a report on business inventories, which include wholesale, retail and manufacturing inventories.
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