A report released by the Commerce Department on Friday showed business inventories in the U.S. increased by more than expected in the month of July.
The Commerce Department said business inventories climbed by 0.4 percent in July after coming in unchanged in June. Economists had expected inventories to rise by 0.3 percent.
Retail inventories showed a notable 0.8 percent increase after slipping by 0.2 percent in the previous month, while manufacturing and wholesale inventories both rose by 0.2 percent.
The report also said business sales rose by 0.3 percent in July compared to revised data showing sales were unchanged in June. The initial estimate showed sales inched up by 0.1 percent in June.
Retail sales climbed by 0.8 percent and wholesale sales rose by 0.3 percent, but manufacturing sales edged down by 0.2 percent.
With inventories and sales both rising, the total business inventories/sales ratio was unchanged from the previous month at 1.40.
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