WASHINGTON (dpa-AFX) - Business inventories in the U.S. unexpectedly edged slightly lower in the month of January, according to a report released by the Commerce Department on Wednesday.
The Commerce Department said business inventories slipped by 0.1 percent in January following a revised unchanged reading in December.
Economists had expected business inventories to inch up by 0.1 percent, matching the uptick originally reported for the previous month.
The unexpected decrease in business inventories came as wholesale inventories slid by 0.5 percent in January after edging down by 0.1 percent in December.
Meanwhile, retail inventories rose by 0.3 percent in January after inching up by 0.1 percent in December, and manufacturing inventories crept up by 0.1 percent in January following a 0.1 percent uptick in December.
The Commerce Department also said business sales increased by 0.3 percent in January after climbing by 0.7 percent in December.
Both manufacturing and wholesale sales grew by 0.5 percent during the month, while retail sales dipped by 0.1 percent.
With sales rising and inventories falling, the total business inventories/sales ratio edged down to 1.35 in January from 1.36 in December.
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