US August business inventories up 0.1 pct, sales down 0.4 pct |
|
|
|
Published
:
Sun, 14 Oct 2007 20:53
|
WASHINGTON (Thomson Financial) - US business inventories barely rose in August as sales fell the most in seven months.The Commerce Department reported that August inventories rose 0.1 pct at US businesses, primarily on a big increase in unsold cars on dealer lots. Economists surveyed by Thomson IFR Markets predicted a 0.2 pct increase.Retail inventories were up 0.5 pct for the month but excluding a 1.5 pct increase in vehicles, there was no change in retailers' stocks.Manufacturers inventories were previously reported down 0.1 pct and wholesale inventories reported up 0.1 pct.Business sales were down 0.4 pct in August, their biggest decline since a -0.9 pct in January of this year. The expectation was for a 0.5 pct decline.Again, autos were a major influence, with a 3.3 pct rise sales. August retail sales rose 0.3 pct overall, but fell 0.5 pct excluding autos.Retail inventories were up at food, clothing and building materials stores. They were down at department, general merchandise and furniture stores.The total business inventory to sales ratio for August was 1.27, up 0.01 from July's ratio and up 0.02 from the record low 1.25 in January 2006.August business inventories were 3.0 pct higher than a year earlier. Economists have been looking for signs of economic uncertainty if businesses cut back on their inventory accumulation.dennis.moore@thomson.comdem/wash/jagCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
|
|
|
|
|
|
Print this Story
Oil, gas mixed on inventory surprises 