U.S. wholesale inventories rebound in line with estimates in February
The Commerce Department said wholesale inventories rose by 0.4% in February after edging down by 0.2% in January. The increase in inventories matched the consensus estimate.
Inventories of non-durable goods climbed by 0.7% in February after dipping by 0.2% in January, with inventories of petroleum and farm products showing significant increases.
The report said inventories of durable goods also edged up by 0.2% in February, reversing the 0.2% drop in the previous month. Inventories of metals and lumber jumped sharply.
Additionally, the Commerce Department said wholesale sales increased by 0.6% in February after rising by 0.3% in January.
Sales of non-durable goods climbed by 0.7% in February after edging down by 0.1% in January, reflecting sharp increases in sales of alcohol and farm products.
The report said sales of durable goods also rose by 0.4% in February after climbing by 0.7% in January. Sales of metals and lumber saw significant growth, while auto sales fell sharply.
With inventories and sales both rising, the inventories/sales ratio for merchant wholesalers came in at 1.28 in February, unchanged from the previous month. ■