WASHINGTON (dpa-AFX) - Business inventories in the U.S. increased by slightly more than expected in the month of July, according to a report released by the Commerce Department on Tuesday.
The Commerce Department said business inventories climbed by 0.4 percent in July rising by 0.3 percent in June. Economists had expected business inventories to increase by another 0.3 percent.
The slightly bigger than expected increase by business inventories came as retail inventories advanced by 0.8 percent in July after jumping by 0.9 percent in June.
Wholesale inventories also rose by 0.2 percent in July after coming in unchanged in June, while manufacturing inventories inched up by 0.1 percent in July after edging down by 0.1 percent in June.
The Commerce Department also said business sales shot up by 1.1 percent in July after coming in unchanged in June.
Retail and wholesale sales surged by 1.3 percent and 1.1 percent, respectively, while manufacturing sales climbed by 0.9 percent.
With sales increasing by much more than inventories, the total business inventories/sales ratio edged down to 1.37 in July from 1.38 in June.
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