© Reuters. WASHINGTON (Reuters) – U.S. wholesale inventories were higher than initially estimated in September as sales barely rose, government data showed on Friday.
The Commerce Department said wholesale inventories gained 0.4% in September, instead of dipping 0.1% as estimated last month. Stocks at wholesalers increased 0.5% in August. The component of wholesale inventories that goes into the calculation of gross domestic product rose 0.4% in September.
Inventories were down 3.9% in September from a year earlier.
Gross domestic product rebounded at a historic 33.1% annualized growth rate in the third quarter. That followed a 31.4% rate of contraction in the second quarter, the deepest since the government started keeping records in 1947.
Inventories contributed to GDP growth last quarter after being a drag for five straight quarters.
Stocks of motor vehicles and parts fell 0.3% in September.
Sales at wholesalers edged up 0.1% in September after increasing 1.2% in August. At September’s sales pace it would take wholesalers 1.31 months to clear shelves, unchanged from August.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
