WASHINGTON (dpa-AFX) - The Commerce Department released a report on Thursday showing a sharp increase in U.S. wholesale inventories in the month of October.
The report said wholesale inventories surged up by 2.3 percent in October after jumping by 1.4 percent in September. Economists had expected inventories to shoot up by 2.1 percent.
The bigger than expected increased came as inventories of durable goods spiked by 2.1 percent, while inventories of non-durable goods soared by 2.6 percent.
The Commerce Department said wholesales also shot up by 2.2 percent in October after surging by 1.7 percent in September.
Sales of non-durable goods skyrocketed by 3.0 percent, while sales of durable goods jumped by 1.4 percent.
With inventories and sales both showing strong growth, the inventories/sales ratio for merchant wholesalers was unchanged from the previous month at 1.22.
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