WASHINGTON (dpa-AFX) - Business inventories in the U.S. increased by slightly more than anticipated in the month of November, according to a report released by the Commerce Department on Friday.
The report said business inventories climbed by 0.4 percent in November, while economists had expected inventories to rise by 0.3 percent.
Revised data showed no change in business inventories in October compared to the originally reported 0.1 percent drop.
The bigger than expected increase in business inventories was partly due to a rebound in wholesale inventories, which rose by 0.8 percent in November after falling by 0.4 percent in October.
Manufacturing inventories also increased by 0.4 percent in November after rising by 0.3 percent in October, while retail inventories inched up by 0.1 percent after coming in unchanged in the previous month.
Additionally, the Commerce Department said business sales surged up by 1.2 percent in November after climbing by 0.8 percent in October.
Wholesale and manufacturing sales jumped by 1.5 percent and 1.2 percent, respectively, while retail sales increased by 0.9 percent.
With sales rising faster than inventories, the total business inventories/sales ratio edged down to 1.33 in November from 1.34 in October.
Copyright RTT News/dpa-AFX