US business inventories unchanged in July
Add BT as a preferred source
US BUSINESS inventories were unchanged in July as companies continued to carefully manage stocks in anticipation of weak demand because of higher interest rates.
The unchanged reading in business inventories followed a 0.1 per cent dip in June, the Commerce Department said on Thursday (Sep 14).
Economists polled by Reuters had expected inventories to edge up 0.1 per cent. Inventories, a key component of gross domestic product, increased 1.4 per cent on a year-on-year basis in July.
Private inventory investment declined in the second quarter, imposing a small drag on gross domestic product growth. The economy grew at a 2.1 per cent annualized rate in the April-June period.
Retail inventories increased 0.2 per cent in July, instead of 0.3 per cent as estimated in an advance report published last month. They rose 0.5 per cent in June.
Motor vehicle inventories climbed 0.8 per cent, rather than 0.9 per cent as estimated last month. They increased 1.3 per cent in June.
Retail inventories excluding autos, which go into the calculation of GDP, were unchanged instead of gaining 0.1 per cent as previously reported.
Wholesale inventories fell 0.2 per cent while stocks at manufacturers edged up 0.1 per cent.
Business sales rebounded 0.6 per cent in July after falling 0.2 per cent in June. At July’s sales pace, it would take 1.39 months for businesses to clear shelves, down from 1.40 months in June. REUTERS
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Share with us your feedback on BT's products and services
TRENDING NOW
Qatari LNG ship struck in Strait of Hormuz, testing US talks
DBS, OCBC and UOB shares hit all-time highs as sentiment improves
‘Baptism of fire’: Andre Khor on leading Singapore refiner Aster through an energy crisis
Singapore retains top spot as most expensive city for HNWIs, with five Apac cities in global top 10
