US business inventories rise in October

Inventories increase 0.3% on monthly basis, 16.5% year-on-year

By Ovunc Kutlu

ISTANBUL (AA) – Business inventories in the US rose 0.3% to almost $2.47 trillion in October, missing projections, according to Commerce Department figures released Thursday.

The expectation was a gain of 0.4%, following a 0.2% jump in September that raised the figure to a little over $2.46 trillion.

Business inventories, which measure the change in value of unsold goods held by manufacturers, wholesalers and retailers, increased 16.5% in October, compared to the same month last year.

An increase in inventories indicates there is a lack of consumer demand as the Federal Reserve pursues aggressive monetary tightening to rein in record inflation.

Kaynak:

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