U.S. Wholesale Inventories Increased in October
U.S. wholesalers restocked at a faster pace in October, according to a report released by the Commerce Department on Friday. Here are the report’s key takeaways:
–Wholesale inventories rose a seasonally adjusted 0.8% in October from a month earlier, which exceeded the 0.7% increase economists surveyed by The Wall Street Journal had expected. In September, inventories climbed by 0.7%.
–October’s rise came after change in private inventories contributed 2.27 percentage point to the latest third-quarter growth rate estimate of 3.5%.
–Wholesaler sales dropped 0.2% in October from the prior month, but were up 6.8% from a year earlier.
–The ratio of inventories to sales clocked in at 1.28 in October, unchanged from a year earlier.
Source: Dow Jones