Economic Buzz: US Business Inventories Rise 1.4% In June

18 Aug 2022 , 09:14 AM

The Commerce Department released a report showing a continued surge in U.S. business inventories in the month of June. The report showed business inventories shot up by 1.4 percent in June after surging by an upwardly revised 1.6 percent in May. Retail and wholesale inventories led the way higher, spiking by 2.0 percent and 1.8 percent, respectively, while manufacturing inventories rose by 0.4 percent. The Commerce Department said business sales also leapt by 1.3 percent in June following a 1.0 percent jump in May. Wholesale sales surged by 1.8 percent, while manufacturing sales shot up by 1.1 percent and retail sales advanced by 0.8 percent. With sales and inventories both showing significant increases, the total business inventories/sales ratio in June was unchanged from the previous month at 1.30.Powered by Commodity Insights