Wholesale inventories in the U.S. increased by less than expected in the month of July, according to a report released by the Commerce Department on Friday.
The report showed wholesale inventories rose by 0.6 percent in July after surging by 1.8 percent in June. Economists had expected wholesale inventories to climb by 0.8 percent.
The smaller than expected advance in wholesale inventories came as a 1.0 percent jump in inventories of durable goods was partly offset by a 0.1 percent dip in inventories of non-durable goods.
Meanwhile, the Commerce Department said wholesale sales tumbled by 1.4 percent in July after leaping by 1.6 percent in June.
Sales of non-durable goods plunged by 3.2 percent, more than offsetting a 0.6 percent increase in sales of durable goods.
With inventories rising and sales slumping, the inventories/sales ratio for merchant wholesalers climbed to 1.29 in July from 1.26 in June.
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