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U.S. Business Inventories Climb In Line With Estimates In October

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A report released by the Commerce Department on Friday showed business inventories in the U.S. increased in line with economist estimates in the month of October.

The Commerce Department said business inventories climbed by 0.6 percent in October following an upwardly revised 0.5 percent advance in September.

Economists had expected to inventories to rise by 0.6 percent compared to the 0.3 percent increase originally reported for the previous month.

The report said retail and wholesale inventories both advanced by 0.8 percent in October, while manufacturing inventories inched up by 0.1 percent.

Meanwhile, the Commerce Department said business sales rose by 0.3 percent in October, matching a downwardly revised increase in September.

The sales growth came as a 1.2 percent jump in retail sales more than offset modest decreases in wholesale and manufacturing sales, which edged down by 0.2 percent and 0.1 percent, respectively.

With inventories rising by more than sales, the total business inventories/sales ratio ticked up to 1.35 in October from 1.34 in September.

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