Wholesale inventories in the U.S. crept up by slightly less than expected in the month of October, according to a report released by the Commerce Department on Friday.
The Commerce Department said wholesale inventories inched up by 0.1 percent in October after falling by a revised 0.7 percent in September.
Economists had expected inventories to rise by 0.2 percent compared to the 0.4 percent drop originally reported for the previous month.
Inventories of non-durable goods climbed by 0.7 percent in October after tumbling by 1.3 percent in September, but inventories of durable goods fell by 0.3 percent for the second straight month.
Meanwhile, the report said wholesale sales slid by 0.7 percent in October after edging down by 0.1 percent in September.
The continued decrease in wholesale sales came as sales of durable goods fell by 0.6 percent and sales of non-durable goods slumped by 0.9 percent.
With inventories rising and sales falling, the inventories/sales ratio for merchant wholesalers ticked up to 1.37 in October from 1.36 in September.
The material has been provided by InstaForex Company – www.instaforex.com
- Treasuries Move Notably Higher As Trump Holds Press Conference On China - May 29, 2020
- *U.S. Consumer Sentiment Index Downwardly Revised To 72.3 In May - May 29, 2020
- *Chicago Business Barometer Drops To 32.3 In May - May 29, 2020