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US business inventories marginally up by 0.3% in Jun after 0.5% rise in May

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US business inventories marginally up by 0.3% in Jun after 0.5% rise in May

Business sales fell 0.1 per cent in June after being unchanged in May. | Photo: pexels

2 min read Last Updated : Aug 15 2024 | 10:08 PM IST


US business inventories increased moderately in June as a surge in stocks at retailers was offset by mild gains at wholesalers.


Inventories rose 0.3 per cent after increasing 0.5 per cent in May, the Commerce Department’s Census Bureau said on Thursday. The increase in inventories, a key component of gross domestic product, was in line with economists’ expectations.

 


Inventories increased 2.1 per cent year-on-year in June. Private inventory investment contributed 0.82 percentage point to the economy’s 2.8 per cent annualized growth pace in the second quarter, after being a drag for two straight quarters.

 


Retail inventories shot up 0.9 per cent in June instead of 0.7 per cent as estimated in an advance report published last month. They rose 0.8 per cent in May. Motor vehicle inventories climbed 2.2 per cent instead of 1.8 per cent as previously reported. They advanced 2.4 per cent in May.

 


Retail inventories excluding autos, which go into the calculation of GDP, rose 0.2 per cent as reported last month. They gained 0.1 per cent in May. Wholesale inventories increased 0.2 per cent in June, while stocks at manufacturers were unchanged.

 


Business sales fell 0.1 per cent in June after being unchanged in May. At June’s sales pace, it would take 1.38 months for businesses to clear shelves, unchanged from in May.

First Published: Aug 15 2024 | 10:07 PM IST

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