A report released by the Commerce Department on Wednesday showing business inventories in the U.S. increased by slightly more than expected in the month of October.
The Commerce Department said business inventories climbed by 0.3 percent in October, matching an upwardly revised increase in September. Economists had expected business inventories to rise by 0.2 percent.
The slightly stronger than expected inventories growth partly reflected an increase in retail inventories, which grew by 0.6 percent.
The report said wholesale inventories also crept up by 0.2 percent during the month, while manufacturing inventories were unchanged.
Meanwhile, the Commerce Department said business sales dipped by 0.2 percent in October after edging down by 0.1 percent in September.
Wholesale sales fell by 0.4 percent and retail sales slipped by 0.1 percent, while manufacturing sales inched up by 0.1 percent.
With inventories increasing and sales decreasing, the total business inventories/sales ratio ticked up to 1.38 in October from 1.37 in September.
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