US wholesale inventories up
Add BT as a preferred source[WASHINGTON] US wholesale inventories increased solidly in January despite a surge in sales, suggesting inventory investment could again contribute to economic growth in the first quarter.
The Commerce Department said on Monday that wholesale inventories rose 1.3 per cent as estimated last month. Stocks at wholesalers gained 0.6 per cent in December. The component of wholesale inventories that goes into the calculation of gross domestic product also increased 1.3 per cent in January.
Inventories rose 0.6 per cent in January from a year earlier.
Businesses are replenishing inventories after they were drawn down early in the coronavirus pandemic. That has helped to underpin manufacturing.
Wholesale stocks of motor vehicles and parts rebounded 1.2 per cent in January.
Sales at wholesalers surged 4.9 per cent after advancing 1.9 per cent in December. At January's sales pace it would take wholesalers 1.24 months to clear shelves, down from 1.29 in December.
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REUTERS
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