A report released by the Commerce Department on Wednesday showed a modest uptick in U.S. business inventories in the month of June.
The Commerce Department said business inventories crept up by 0.1 percent in June after rising by a downwardly revised 0.3 percent in May.
Economists had expected inventories to inch up by 0.1 percent compared to the 0.4 percent increase originally reported for the previous month.
The uptick in business inventories in June came as manufacturing, retail, and wholesale inventories all edged up by 0.1 percent during the month.
The Commerce Department also said business sales rose by 0.3 percent in June after surging up by 1.3 percent in May.
Manufacturing sales led the way higher, jumping by 1.0 percent, while retail sales were unchanged and wholesale sales dipped by 0.1 percent.
With sales rising by more than inventories, the total business inventories/sales ratio dipped to 1.33 in June from 1.34 in May.
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