Details of wholesale sales which rose 0.4% versus -1.1% expected:
Wholesale sales (excluding petroleum, petroleum products, other hydrocarbons, oilseed, and grain) grew by 0.4% to $82.7 billion in July.
Sales increased in four of the seven subsectors.
Growth was led by the agriculture supplies industry group (miscellaneous subsector) and the food, beverage, and tobacco subsector.
Wholesale sales were 1.1% higher in July compared to the same month one year earlier.
In volume terms, wholesale sales increased by 0.5% in July
inventories rise by 0.5% versus -0.1% in June:
Wholesale inventories rose by 0.5% to $127.5 billion in July, following a 0.1% decline in June.
Increases were recorded in four of the seven subsectors.
The machinery, equipment, and supplies subsector led the growth, up 1.0% to $39.4 billion, 3.9% higher than a year earlier.
The motor vehicle and motor vehicle parts and accessories subsector saw a 2.0% increase to $17.3 billion.
Inventory declines were noted in the personal subsector (-0.8% to $20.1 billion) and the building material and supplies subsector (-0.5% to $22.0 billion).
The inventory-to-sales ratio remained unchanged at 1.54 in July, indicating the time required to deplete inventories if sales stay constant.
This article was written by Greg Michalowski at www.forexlive.com.
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