ABBO News

Us Wholesale Inventories Revised Down in September

US Wholesale Inventories Revised Down in September

WASHINGTON – U.S. wholesale inventories fell more than initially thought in September amid a sharp decline in motor vehicle stocks.

On Thursday, the Commerce Department’s Census Bureau said wholesale inventories dropped 0.2% instead of the previously reported 0.1% dip.

Stocks at wholesalers rose 0.2% in August. Economists polled by Reuters had expected that the drop in inventories, a key part of gross domestic product, would be unrevised at 0.1%.

Inventories advanced 0.3% on a year-on-year basis in September. Wholesale motor vehicle inventories declined 1.7% after rising 0.3% in August.

Private inventory investment was a small drag on GDP in the third quarter. The economy grew at a 2.8% annualized rate in the July-September quarter.

Sales at wholesalers increased 0.3% in September after gaining 0.2% in August.

At September’s sales pace, it would take wholesalers 1.34 months to clear shelves, down from 1.35 months in August.

(Source: Reuters)

author avatar
Zabih Ullah
Zabih Ullah is a seasoned finance writer with more than ten years of experience. He is highly skilled at analyzing market trends, decoding economic data, and providing insightful commentary on various financial topics. Driven by his curiosity, Zabih stays updated with the latest developments in the finance industry, ensuring that his readers receive timely and relevant news and analysis.