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U.S. Business Inventories Rise Slightly Less Than Expected In December
(RTTNews) - The Commerce Department released a report on Wednesday showing U.S. business inventories climbed by slightly less than expected in the month of December.
The report said business inventories rose by 0.3 percent in December, matching a downwardly revised increase in November.
Economists had expected business inventories to rise by 0.4 percent, which would have matched the growth originally reported for the previous month.
The Commerce Department said retail inventories advanced by 0.7 percent, while manufacturing inventories climbed by 0.4 percent and wholesale inventories inched up by 0.1 percent.
Meanwhile, the report said business sales fell by 0.6 percent in December after tumbling by 1.2 percent in November.
Retail sales plunged by 1.3 percent, while manufacturing sales slid by 0.7 percent and wholesale sales were unchanged.
With inventories rising and sales falling, the total business inventories/sales ratio increased to 1.37 in December from 1.35 in November.
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