WASHINGTON (dpa-AFX) - Wholesale inventories in the U.S. dropped more than anticipated in the month of January, according to a report released by the Commerce Department on Friday.
The Commerce Department said wholesale inventories fell by 0.4 percent in January after slipping by a revised 0.3 percent in December.
Economists had expected wholesale inventories to edge down by 0.2 percent, matching the dip originally reported for the previous month.
The bigger than expected decrease in wholesale inventories came as inventories of durable and non-durable goods slid by 0.3 percent and 0.5 percent, respectively.
Meanwhile, the report said wholesale sales surged up by 1.6 percent in January after dipping by 0.2 percent in December.
Sales of durable and non-durable goods both showed significant increases, jumping by 1.6 percent and 1.5 percent, respectively.
With sale spiking and inventories falling, the inventories/sales ratio for merchant wholesalers dropped to 1.33 in January from 1.36 in December.
Copyright RTT News/dpa-AFX
© 2020 AFX News
