The Commerce Department released a report on Friday showing wholesale inventories in the U.S. increased by more than expected in the month of June.
The report showed wholesale inventories jumped by 1.1 percent in June after surging up by 1.3 percent in May. Economists had expected wholesale inventories to climb by 0.8 percent.
Inventories of durable goods shot up by 1.4 percent during the month, while inventories of non-durable goods rose by 0.6 percent.
The Commerce Department said wholesale sales also spiked by 2.0 percent in June following a 0.8 percent increase in May.
While sales of durable goods jumped by 1.2 percent, sales of non-durable goods soared by 2.9 percent during the month.
With sales increasing by more than inventories, the inventories/sales ratio for merchant wholesalers edged down to 1.22 in June from 1.23 in May.
The material has been provided by InstaForex Company – www.instaforex.com