U.S. wholesale inventories increased 0.3 percent in September, on par with analysts’ estimates, while the strong growth in August was revised slightly downward from 0.9 percent to 0.8 percent.
The component of wholesale inventories that goes into the calculation of gross domestic product – wholesale stocks excluding autos – rose 0.42 percent.
Sales at wholesalers in September rose 1.3 percent, compared to a upwardly revised 1.9 percent growth rate in August. The figure is slightly stronger than the 0.9 percent growth rate expected by economists polled by Reuters.
Wholesale auto sales rose 0.7 percent after surging at a revised 4.4 percent rate the month before.
At the September sales pace it would take wholesalers 1.27 months to clear their stock of goods, down from 1.28 months in August.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at firstname.lastname@example.org. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.