Economic Indicators

U.S. business inventories increase solidly in June

2022.08.17 17:38

U.S. business inventories increase solidly in June

WASHINGTON (Reuters) – U.S. business inventories increased strongly in June amid signs of a large buildup of stocks in the retail sector despite a pickup in sales.

Business inventories rose 1.4% after advancing 1.6% in May, the Commerce Department said on Wednesday. Inventories are a key component of gross domestic product. June’s increase was in line with economists’ expectations.

Inventories increased 18.5% on a year-on-year basis in June.

Retail inventories increased 2.0% in June, as estimated in an advance report published last month. That followed a 1.6% gain in May. Motor vehicle inventories accelerated 3.3% instead of the 3.1% estimated last month. They advanced 2.4% in May.

Retail inventories excluding autos, which go into the calculation of GDP, increased 1.5% instead of 1.6% as estimated last month.

Business inventories increased at a strong clip in the first quarter as consumer spending slowed. The excess inventory, especially at retailers, left businesses with little appetite to continue restocking, which weighed on GDP in the second quarter.

Walmart (NYSE:WMT) said on Tuesday it had cleared most of its summer seasonal inventory, but still had work to do in reducing stock of electronics, home goods and apparel.

The economy contracted at a 0.9% annualized rate in the second quarter after shrinking at a 1.6% pace in the January-March period.

Wholesale inventories increased 1.8% in June. Stocks at manufacturers climbed 0.4%.

Business sales rose 1.3% in June after gaining 1.0% in May. At June’s sales pace, it would take 1.30 months for businesses to clear shelves, unchanged from May.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,329.35 0.18%
ethereum
Ethereum (ETH) $ 3,414.16 0.39%
tether
Tether (USDT) $ 1.00 0.07%
solana
Solana (SOL) $ 254.75 0.72%
bnb
BNB (BNB) $ 662.64 2.85%
xrp
XRP (XRP) $ 1.49 1.95%
dogecoin
Dogecoin (DOGE) $ 0.431141 1.56%
usd-coin
USDC (USDC) $ 1.00 0.04%
cardano
Cardano (ADA) $ 1.05 2.28%
staked-ether
Lido Staked Ether (STETH) $ 3,413.18 0.39%
avalanche-2
Avalanche (AVAX) $ 44.97 6.39%
tron
TRON (TRX) $ 0.209856 3.37%
stellar
Stellar (XLM) $ 0.524778 9.57%
the-open-network
Toncoin (TON) $ 6.14 4.78%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 3.78%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,041.01 0.58%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,091.28 0.07%
polkadot
Polkadot (DOT) $ 9.19 1.12%
chainlink
Chainlink (LINK) $ 18.33 2.99%
bitcoin-cash
Bitcoin Cash (BCH) $ 513.43 0.01%
weth
WETH (WETH) $ 3,411.35 0.52%
sui
Sui (SUI) $ 3.44 0.64%
pepe
Pepe (PEPE) $ 0.00002 2.34%
near
NEAR Protocol (NEAR) $ 6.90 3.84%
leo-token
LEO Token (LEO) $ 8.67 0.13%
litecoin
Litecoin (LTC) $ 97.60 4.06%
uniswap
Uniswap (UNI) $ 11.48 2.40%
aptos
Aptos (APT) $ 12.52 3.26%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,590.85 0.54%
internet-computer
Internet Computer (ICP) $ 12.15 3.95%
hedera-hashgraph
Hedera (HBAR) $ 0.144185 4.96%
usds
USDS (USDS) $ 0.999773 0.04%
crypto-com-chain
Cronos (CRO) $ 0.189291 4.50%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.567613 2.22%
ethereum-classic
Ethereum Classic (ETC) $ 29.31 3.02%
render-token
Render (RENDER) $ 8.02 0.79%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.50 1.50%
bittensor
Bittensor (TAO) $ 527.72 2.46%
kaspa
Kaspa (KAS) $ 0.153936 0.60%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.07%
arbitrum
Arbitrum (ARB) $ 0.867142 2.20%
whitebit
WhiteBIT Coin (WBT) $ 24.44 1.24%
bonk
Bonk (BONK) $ 0.000047 1.11%
dai
Dai (DAI) $ 1.00 0.07%
vechain
VeChain (VET) $ 0.042824 2.70%
filecoin
Filecoin (FIL) $ 5.66 4.19%
blockstack
Stacks (STX) $ 2.26 5.65%
cosmos
Cosmos Hub (ATOM) $ 8.66 4.76%
okb
OKB (OKB) $ 56.20 1.72%
mantra-dao
MANTRA (OM) $ 3.69 3.52%