A report released by the Commerce Department on Thursday showed U.S. business inventories increased by less than expected in the month of July.
The Commerce Department said business inventories rose by 0.6 percent in July after surging by 1.4 percent in June. Economists had expected business inventories to climb by 0.8 percent.
Retail inventories jumped by 1.2 percent, while wholesale inventories increased by 0.6 percent and manufacturing inventories crept up by 0.1 percent.
Meanwhile, the report showed business sales slid by 0.9 percent in July after shooting up by 1.2 percent in June.
Wholesale sales tumbled by 1.4 percent, while manufacturing sales slumped by 0.9 percent and retail sales dipped by 0.3 percent.
With inventories climbing and sales falling, the total business inventories/sales ratio rose to 1.32 in July from 1.30 in June.
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