U.S. Business Inventories Increase In Line With Estimates In November
(RTTNews) - Business inventories in the U.S. increased in line with economist estimates in the month of November, according to a report released by the Commerce Department on Wednesday.
The Commerce Department said business inventories rose by 0.4 percent in November following a revised 0.2 percent uptick in October.
Economists had expected business inventories to climb by 0.4 percent compared to the 0.3 percent increase originally reported for the previous month.
The increase in business inventories largely reflected a surge in wholesale inventories, which jumped by 1.0 percent in November after climbing by 0.6 percent in October.
Retail inventories also inched up by 0.1 percent in November after falling by 0.4 percent in October, while manufacturing inventories were unchanged after rising by 0.4 percent in the previous month.
Meanwhile, the Commerce Department said business sales slumped by 0.8 percent in November following a 0.4 percent increase in October.
Retail sales tumbled by 1.1 percent in November after jumping by 1.0 percent in October, while wholesale and manufacturing sales both slid by 0.6 percent.
With inventories rising and sales falling, the total business inventories/sales ratio increased to 1.35 in November from 1.33 in October.
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