Economic Buzz: US Business Inventories Jump 1.4% In May

18 Jul 2022 , 09:19 AM

Business inventories in the U.S. increased by more than expected in the month of May, according to a report released by the Commerce Department. The report showed business inventories shot up by 1.4 percent in May after surging by an upwardly revised 1.3 percent in April. Wholesale inventories spiked by 1.8 percent during the month, while manufacturing and retail inventories shot up by 1.3 percent and 1.1 percent, respectively. Meanwhile, the Commerce Department said business sales climbed by 0.7 percent in May after rising by 0.6 percent in April. Manufacturing sales led the way higher, surging by 1.8 percent. Wholesale sales also rose by 0.5 percent, while retail sales fell by 0.3 percent. With inventories increasing by more than sales, the total business inventories/sales ratio crept up to 1.30 in May from 1.29 in April. Powered by Commodity Insights