U.S. Wholesale Inventories Unexpectedly Edge Higher In September
(RTTNews) - Wholesale inventories in the U.S. unexpectedly saw a modest increase in the month of September, according to a report released by the Commerce Department on Wednesday.
The report said wholesale inventories rose by 0.2 percent in September after edging down by 0.1 percent in August. Economists had expected wholesale inventories to come in unchanged.
The unexpected uptick in wholesale inventories came as inventories of durable goods crept up by 0.2 percent, while inventories of non-durable goods inched up by 0.1 percent.
Meanwhile, the Commerce Department said wholesale sales shot up by 2.2 percent in September after surging by 2.0 percent in August.
Sales of non-durable goods led the way higher, spiking by 3.4 percent, while sales of durable goods climbed by 0.7 percent.
With sales jumping by much more than inventories, the inventories/sales ratio for merchant wholesalers fell to 1.33 in September from 1.36 in August.
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