U.S. Wholesale Inventories Increase In Line With Estimates In July

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

The report said wholesale inventories rose by 0.6 percent in July after jumping by 1.2 percent in June. The increase matched expectations as well as the preliminary estimate.

Inventories of durable goods shot up by 1.0 percent during the month, more than offsetting a 0.1 percent dip in inventories of non-durable goods.

The Commerce Department also said wholesale sales surged up by 2.0 percent in July after spiking by 2.3 percent in June.

The report showed sales of durable goods jumped by 1.1 percent, while sales of non durable goods soared by 2.8 percent.

With sales increasing by more than inventories, the inventories/sales ratio for merchant wholesalers fell to 1.20 in July from 1.22 in June.

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