US businesses boosted stockpiles 0.7 per cent in August
Posted Oct 13, 2017 10:01:53 AM.
Last Updated Oct 13, 2017 10:41:04 AM.
This article is more than 5 years old.
WASHINGTON – U.S. businesses increased their stockpiles in August by the most in nine months, a sign of solid confidence in future demand.
The Commerce Department says business inventories increased by 0.7 per cent in August, following July’s uptick of 0.3 per cent. It was the biggest jump since November 2016.
Sales also grew 0.7 per cent in August, compared with July’s 0.3 per cent increase. It was the largest sales gain since December 2016.
Economists expect that inventory growth will strengthen further in coming months and help support overall economic expansion.
August inventory gains were led by a 0.9 per cent increase in stockpiles at the wholesale level and a 0.7 per cent gain at the retail level. The manufacturing sector saw inventories increase by 0.4 per cent.
