Economic Buzz: US Business Inventories Jump 0.8% In August

17 Oct 2022 , 09:13 AM

Business inventories in the U.S. increased by slightly less than expected in the month of August, according to a report released by the Commerce Department. Business inventories climbed by 0.8 percent in August after rising by a revised 0.5 percent in July. The report showed retail and wholesale inventories both jumped by 1.3 percent, while manufacturing inventories edged down by 0.1 percent. Meanwhile, the Commerce Department said business sales rose by 0.3 percent in August after slumping by 1.0 percent in July. Manufacturing sales increased by 0.5 percent, while retail and wholesale sales inched up by 0.2 percent and 0.1 percent, respectively. With inventories rising by more than sales, the total business inventories/sales ratio crept up to 1.33 in August from 1.32 in July.Powered by Commodity Insights