US BUSINESS inventories were unexpectedly unchanged in January as increases in stocks at retailers were offset by declines at manufacturers and wholesalers. The unchanged reading in business inventories reported by the Commerce Department’s Census Bureau on Thursday (Mar 14) followed a 0.3 per cent increase in December. Economists polled by Reuters had expected inventories, a key component of gross domestic product, to rise 0.2 per cent. Inventories increased 0.4 per cent year on year in January. Private inventory investment subtracted 0.3 percentage point from GDP growth last quarter after providing a large boost in the third quarter. The economy grew at a 3.2 per cent annualised rate in the October-to-December quarter. Growth estimates for the first quarter are converging around a 2 per cent pace. Retail inventories increased 0.4 per cent in January, instead of the 0.5 per cent estimated in an advance report published last month. They advanced 0.6 per cent in December. Motor vehicle inventories climbed 0.8 per cent as previously estimated. They accelerated 1.1 per cent in December. Retail inventories excluding autos, which go into the calculation of GDP, increased 0.3 per cent as reported last month. They gained 0.4 per cent in December. Wholesale inventories dropped 0.3 per cent in January, while stocks at manufacturers dipped 0.1 per cent. Business sales declined 1.3 per cent in January after being unchanged in December. At January’ sales pace, it would take 1.39 months for businesses to clear shelves, up from 1.38 months in December. REUTERS