Total inventories of merchant wholesalers were down 0.2% in July, while sales jumped 0.8%, the Commerce Department said Friday.
Wholesale inventories in the U.S. fell 0.2% in July, the Commerce Department said Friday. It is the second straight monthly decline.Sales jumped 0.8% in July, completely reversing a 0.8% decline in June. Sales are down 4.2% over the past year.
The inventory-to-sales ratio fell to 1.39 months in July from 1.41 months in the prior month. The ratio has been steadily increasing from a much lower 1.33 months in July 2022.Higher inventories could push companies to lower their prices, which would cool inflation, said Eugenio Aleman, chief economist at Raymond James. At the same time, unwanted backlogs might also signal a slowdown in the economy, he added.
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