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U.S. Wholesale Inventories Jump Slightly Less Than Expected In June
(RTTNews) - A report released by the Commerce Department on Wednesday showed a continued surge in U.S. wholesale inventories in the month of June.
The Commerce Department said wholesale inventories shot up by 1.8 percent in June after leaping by an upwardly revised 1.9 percent in May.
Economists had expected wholesale inventories to spike by 1.9 percent compared to the 1.8 percent jump originally reported for the previous month.
The continued surge in wholesale inventories came as inventories of durable goods soared by 2.0 percent, while inventories of non-durable goods shot up by 1.4 percent.
The report showed wholesale sales also jumped by 1.8 percent in June after climbing by 0.7 percent in May. Sales of non-durable goods spiked by 2.1 percent, while sales of durable goods rose by 0.7 percent.
With inventories and sales increasing at the same rate, the inventories/sales ratio for merchant wholesalers was unchanged from the previous month at 1.26.
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