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16.07.2024

U.S. business inventories increase more than forecast in May

The Commerce Department reported on Tuesday that the U.S. business inventories jumped 0.5 per cent m-o-m in May, following an unrevised 0.3 per cent m-o-m increase in April. That was above economists’ forecast of a 0.3 per cent m-o-m rise and marked the strongest monthly increase in business inventories since August 2022 (+0.8 per cent m-o-m).

According to the report, the stocks at retailers and merchant wholesalers demonstrated a gain of 0.6 per cent m-o-m each and inventories at manufacturers showed a 0.2 per cent m-o-m advance.

In y-o-y terms, business inventories climbed 1.6 per cent in May.

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