WASHINGTON, Feb 24 (Reuters) – U.S. wholesale inventories increased marginally in December amid strong sales growth, government data showed on Tuesday. Stocks at wholesalers rose 0.2%, matching the gain in November, the Commerce Department’s Census Bureau said. The report was delayed by last year’s government shutdown. Inventories, a key part of gross domestic product, advanced […]
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US wholesale inventories increase marginally in December
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WASHINGTON, Feb 24 (Reuters) – U.S. wholesale inventories increased marginally in December amid strong sales growth, government data showed on Tuesday.
Stocks at wholesalers rose 0.2%, matching the gain in November, the Commerce Department’s Census Bureau said. The report was delayed by last year’s government shutdown.
Inventories, a key part of gross domestic product, advanced 2.9% on a year-over-year basis in December. There were strong increases in stocks of motor vehicles and furniture.
But professional equipment inventories fell 0.2% while those of computer equipment declined 1.4%. Business inventories added to the 1.4% annualized GDP growth pace in the fourth quarter, despite marking their third straight quarterly decline. Inventories have been drawn down amid steady consumer spending. The economy grew 4.4% in the July-September quarter.
Sales at wholesalers increased 1.0% in December after jumping 1.4% in November. At December’s sales pace it would take 1.27 months to clear shelves, down from 1.28 months in November. The inventories/sales ratio was at 1.30 months in December 2024.
(Reporting by Lucia Mutikani; Editing by Paul Simao)