WASHINGTON (dpa-AFX) - A report released by the Commerce Department on Wednesday showed another sharp increase in U.S. wholesale inventories in the month of December.
The Commerce Department said wholesale inventories shot up by 2.2 percent in December after jumping by 1.7 percent in November. Economists had expected wholesale inventories to surge by 2.1 percent.
The continued spike in wholesale inventories came as inventories of durable goods soared by 2.6 percent and inventories of non-durable goods leapt by 1.6 percent.
Meanwhile, the report showed wholesale sales edged up by 0.2 percent in December after surging by 1.7 percent in November.
A 0.5 percent increase in sales of durable goods was partly offset by a 0.1 percent dip in sales of non-durable goods.
With inventories jumping by much more the sales, the inventories/sales ratio for merchant wholesalers climbed to 1.25 in December from 1.22 in November.
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