US business inventories rise slightly in June

US business inventories rise slightly in June

Inventories increase 2% year-on-year, according to Commerce Department

By Ovunc Kutlu

ISTANBUL (AA) – Business inventories in the US rose slightly in June to reach $2,541.1 billion, according to Commerce Department figures released Tuesday.

The figure came lower than the market expectations of a 0.1% gain. The May figure was revised to $2,540.8 billion for no change.

Business inventories, which measure the change in value of unsold goods held by manufacturers, wholesalers and retailers, annually increased 2% in June, compared to the same month of the previous year.

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

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