U.S. Business Inventories Drop In Line With Estimates In March
May 15 2020 - 6:50AM
RTTF2
Reflecting notable decreases in manufacturing and wholesale
inventories, the Commerce Department released a report on Friday
showing a modest drop in U.S. business inventories in the month of
March.
The report said business inventories edged down by 0.2 percent
in March after falling by a revised 0.5 percent in February.
Economists had expected inventories to dip by 0.2 percent
compared to the 0.4 percent drop originally reported for the
previous month.
The modest decrease in business inventories came as
manufacturing and wholesale inventories both fell by 0.8 percent,
more than offsetting a 1.0 percent jump in retail inventories.
Meanwhile, the Commerce Department said business sales plunged
by 5.2 percent in March following a 0.5 percent decrease in
February.
Manufacturing and wholesale sales both tumbled by 5.2 percent,
while retail sales plummeted by 5.3 percent.
With sales falling by much more than inventories, the total
business inventories/sales ratio surged up to 1.45 in March from
1.38 in February.
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