By Sarah Chaney and Kate Davidson
WASHINGTON--U.S. business inventories increased in July by 0.6% to a seasonally adjusted $1.95 trillion, according to the Commerce Department. Here are some key takeaways from Friday's report:
-The 0.6% headline reading for inventories was slightly above the consensus. Economists surveyed by The Wall Street Journal had expected a 0.5% increase in July from the prior month.
-Factory inventories rose 0.8% in July versus the prior month, while retail inventories were up 0.5% and wholesale inventories were up 0.6%.
-The overall inventories to sales ratio in July was 1.34, compared with 1.33 in June. It had been 1.39 in July 2017.
-Friday's figures will flow into the Commerce Department's next revision for U.S. gross domestic product during the second quarter, due Sept. 27. The agency's most recent estimate showed GDP growth at a 4.2% annual rate during the period.
The Commerce Department's full report on manufacturing and trade inventories and sales can be accessed at: https://www.census.gov/mtis/www/data/pdf/mtis_current.pdf
Write to Sarah Chaney at email@example.com and Kate Davidson at firstname.lastname@example.org
(END) Dow Jones Newswires
September 14, 2018 10:15 ET (14:15 GMT)
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