Business inventories in the U.S. increased in line with estimates in the month of December, according to a report released by the Commerce Department on Wednesday.
The Commerce Department said business inventories rose by 0.4 percent in December after climbing by an upwardly revised 0.8 percent in November.
Economists had expected inventories to rise by 0.4 percent compared to the 0.7 percent increase originally reported for the previous month.
Wholesale inventories once again saw significant growth, jumping by 1.0 percent for the second consecutive month.
The report said manufacturing and retail inventories both inched up by 0.1 percent in December after climbing by 0.5 percent and 0.9 percent, respectively in November.
Additionally, the Commerce Department said business sales surged up by 2.0 percent in December after rising by 0.3 percent in November.
Wholesale sales spiked by 2.6 percent, manufacturing sales shot up by 2.2 percent, and retail sales jumped by 1.2 percent.
With sales rising by much more than inventories, the total business inventories/sales ratio dropped to 1.35 in December from 1.38 in November. The ratio came in at 1.40 a year ago.
by RTT Staff Writer
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