U.S. Department of Commerce announces 0.8 percent increase in wholesale sales in February
The U. S. Department of Commerce said on Friday that U. S. wholesale inventories rose 0.6 percent in February from January while sales rose 0.8 percent.
It was further reported by the department that from a year ago in February inventories fell 7.4 percent while merchant wholesale sales were up 9.8 percent.
Suggesting a backlog in inventory Inventories for computer equipment and miscellaneous durable goods dropped while inventories in those sectors rose. But sales outstripped inventory buildup in automotive, lumber and machinery industries.
Petroleum products led the sales increase in the wholesale arena with a 3.7 percent rise accompanied by a 3.1 percent buildup in inventories.
The inventory-to-sales ratio, indicating how many months it would take for companies to deplete their inventory at current prices, was 1.16, down from 1.38 a year ago. (With Inputs from Agencies)
