US Business Inventories Rise In Line With Estimates In February
WASHINGTON (Alliance News) - A report released by the Commerce Department on Monday showed business inventories in the US increased in line with expectations in the month of February.
The Commerce Department said business inventories climbed by 0.6% in February, matching the increase seen in January as well as economist estimates.
The report showed a notable increase in wholesale inventories, which jumped by 1.0% in February after climbing by 0.9% in the previous month.
Retail inventories also increased by 0.4% in February after climbing by 0.7% in January, while manufacturing inventories rose by 0.3% after increasing by 0.4%.
The Commerce Department also said business sales climbed by 0.4% in February after falling by 0.3% in January.
Wholesale sales showed a significant rebound, surging up by 1.0% in February after tumbling by 1.5% in the previous month.
The report also showed a 0.2% uptick in manufacturing sales, while retail sales edged down by 0.1% during the month.
With inventories and sales both rising, the total business inventories/sales ratio came in at 1.35 in February, unchanged from January.
Copyright RTT News/dpa-AFX
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