US Dec business inventories rise less than expected

Washington

US business inventories rose less than expected in December, supporting views that fourth-quarter growth was slower than initially thought.

The Commerce Department said on Thursday that business inventories nudged up 0.1 per cent after an unrevised 0.2 per cent increase in November. Inventories are a key component of gross domestic product (GDP). Retail inventories excluding cars, which go into the calculation of GDP, ticked up 0.1 per cent in December. That followed a similar gain in November.