A report released by the Commerce Department on Monday showed wholesale inventories in the U.S. jumped in line with economist estimates in the month of January.
The Commerce Department said wholesale inventories spiked by 1.3 percent in January after climbing by an upwardly revised 0.6 percent in December.
Economists had expected wholesale inventories to surge up by 1.3 percent compared to the 0.3 percent increase originally reported for the previous month.
Inventories of durable goods shot up by 1.2 percent during the month, while inventories of non-durable goods jumped by 1.5 percent.
The report also showed a substantial increase in wholesale sales, which soared by 4.9 percent in January after spiking by 1.9 percent in December. Sales of durable and non-durable goods both skyrocketed by 4.9 percent.
With sales jumping by much more than inventories, the inventories/sales ratio for merchant wholesalers dropped to 1.24 in January from 1.29 in December.
The material has been provided by InstaForex Company – www.instaforex.com