Australia Business Inventories Sink 1.9% In Q3

Company inventories in Australia were down a seasonally adjusted 1.9 percent on quarter in the third quarter of 2021, the Australian Bureau of Statistics said on Monday.

That missed expectations for a flat reading following the 0.2 percent increase in the previous three months.

Company gross profits climbed 4.0 percent on quarter, beating forecasts for a gain of 3.0 percent and slowing from 7.1 percent in the three months prior.

Wages and salaries were down 0.8 percent on quarter and wholesale trade sank 5.9 percent.

On a yearly basis, inventories rose 0.7 percent, while profits climbed 5.4 percent, wages gained 4.7 percent and wholesale sales perked 2.1 percent.

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