U.S. wholesale inventories jump in 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.
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. ■