Washington, DC, United States (4E) – Inventories and sales at the wholesale level in the U.S. grew slightly in June, a sign that consumers are still optimistic about the economic outlook, according to official data.
Wholesale inventories rose 0.3 percent to $533.5bn in June after a downwardly revised 0.3 percent increase in May, according to the Commerce Department report released on Friday.
Wholesale sales inched up 0.2 percent to $454.4bn in June, down from the 0.7 percent increase in the previous month, the report showed. The stock-to-sales ratio remained firm at 1.17.
Durable goods sales, which includes machinery and automobile purchases, climbed 1.4 percent in June from the prior month, while sales of nondurable goods, which includes groceries and petroleum, fell 0.7 percent from the previous month, Friday’s report showed.
Business inventories are an important contributor to the U.S. gross domestic product (GDP), which expanded 4.0 percent in the second quarter. Private inventories contributed 1.66 percentage points to GDP growth during the period.