U.S. Wholesale Inventories Drop More Than Expected In September
(RTTNews) - Reflecting a notable decrease in inventories of non-durable goods, the Commerce Department released a report on Friday showing U.S. wholesale inventories fell by slightly more than anticipated in the month of September.
The Commerce Department said wholesale inventories slid by 0.4 percent in September after inching up by a downwardly revised 0.1 percent in August.
Economists had expected inventories to dip by 0.3 percent compared to the 0.2 percent uptick originally reported for the previous month.
The report said inventories of non-durable goods slumped by 0.9 percent amid a substantial decrease in inventories of far products.
Inventories of durable goods also edged down by 0.1 percent, reflecting notable drops in inventories of furniture and automotive products.
Meanwhile, the Commerce Department said wholesale sales came in unchanged in September after slipping by 0.1 percent in August.
Sales of durable goods crept up by 0.1 percent during the month, while sales of non-durable goods came in unchanged.
Even with the bigger than expected drop in inventories, the report said the inventories/sales ratio for merchant wholesalers came in at 1.36 in September, unchanged from the previous month.
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