Business inventories in the U.S. rose in line with economist estimates in the month of March, according to a report released by the Commerce Department on Tuesday, with the report also showing a notable increase in business sales.
The Commerce Department said business inventories rose by 0.4 percent in March following an upwardly revised 0.5 percent increase in February. The increase in inventories matched economist estimates.
The report showed a significant increase in inventories at merchant wholesalers, which jumped by 1.1 percent in March after climbing by 0.7 percent in February.
Inventories at manufacturers edged up by a more modest 0.1 percent in March after rising by 0.7 percent in February, while retail inventories were unchanged after dipping by 0.1 percent in the previous month.
Additionally, the report showed that business sales surged up by 1.0 percent in March after advancing by 0.9 percent in February.
Sales by retailers and merchant wholesalers jumped by 1.5 percent and 1.4 percent, respectively, after both rose by 0.9 percent in the previous month. Sales by manufacturers edged up by 0.3 percent.
With inventories and sales both rising, the business inventories/sales ratio for March came in unchanged compared to the previous month at 1.30. The ratio came in at 1.29 in the same month a year ago.
For comments and feedback: editorial@rttnews.com