U.S. Wholesale Inventories Growth Matches Estimates In August

(RTTNews) - Wholesale inventories in the U.S. increased in line with economist estimates in the month of August, the Commerce Department revealed in a report released on Friday.

The report said wholesale inventories jumped by 1.2 percent in August after climbing by 0.6 percent in July. The continued advance in inventories matched economist estimates.

The notable increase in wholesale inventories came as inventories of durable and non-durable goods surged up by 1.2 percent and 1.1 percent, respectively.

Meanwhile, the Commerce Department said wholesale sales slumped by 1.1 percent in August after spiking by 2.1 percent in July.

Sales of non-durable goods tumbled by 1.7 percent during the month, while sales of durable goods fell by 0.5 percent.

With inventories jumping and sales slumping, the inventories/sales ratio for merchant wholesalers rose to 1.23 in August from 1.20 in July.

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