Business inventories in the U.S. rose by slightly more than expected in the month of November, according to a report released by the Commerce Department on Tuesday.
The report said business inventories increased by 0.4 percent in November after rising by 0.8 percent in October. Economists had expected inventories to increase by 0.3 percent.
Retail inventories rose by 0.8 percent in November after jumping by 1.1 percent in October, while wholesale inventories increased by 0.5 percent after surging up by 1.3 percent in the previous month.
Meanwhile, the report said inventories at manufacturers came in unchanged for the second consecutive month in November.
The Commerce Department also said business sales increased by 0.8 percent in November following a 0.5 percent increase in October.
Retail sales rose by 0.3 percent, while sales at both manufacturers and wholesalers increased by 1.0 percent for the month.
The total business inventories/sales ratio came in at 1.29 in November, unchanged from October and the same month a year ago.
by RTT Staff Writer
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