Wholesale inventories increased by 0.4 per cent to $475.5 billion in January, new data out of the Census Bureau shows. Economists polled by Bloomberg had predicted a 0.6 per cent jump during the month.
“Inventories of machinery, equipment, and supplies were up 1.2 per cent from last month and inventories of metals and minerals, except petroleum were up 0.9 per cent,” the Census said.
December results were also revised 10 basis points higher, to 1.1 per cent.
On the sales sides, wholesale sales slid 0.1 per cent lower to $413.1 billion month-on-month, but stood 7.9 per cent higher than year-ago levels.