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U.S. business inventories climbed moderately in June as a surge in stocks at retailers was offset by mild gains at wholesalers, Reuters reports.
Inventories rose 0.3% after increasing 0.5% 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% year-on-year in June.
Retail inventories shot up 0.9% in June, a bit more than was expected. They also rose 0.8% in May. Motor vehicle inventories climbed 2.2% instead of 1.8% as previously reported. They advanced 2.4% in May.
Retail inventories excluding autos, which go into the calculation of GDP, rose 0.2% as reported last month. They gained 0.1% in May. Wholesale inventories increased 0.2% in June, while stocks at manufacturers were unchanged.
