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U.S. wholesale inventories revised to +0.4% in August

WASHINGTON (Reuters) – U.S. wholesale inventories rose less than initially estimated in August, suggesting inventories were likely to build slowly after sliding in the early months of the coronavirus pandemic.

The Commerce Department said on Friday that wholesale inventories increased 0.4% in August, instead of rising 0.5% as estimated last month. Stocks at wholesalers fell 0.2% in July. The component of wholesale inventories that goes into the calculation of gross domestic product was unchanged in August.

August inventories were down 5.2% from a year earlier.

Gross domestic product declined at a record 31.4% annualized rate in the second quarter, with inventories subtracting 3.5 percentage points, the most in 32 years. GDP is expected to bounce back strongly in the third quarter but growth is seen slowing substantially in the last quarter of this year.

Stocks of motor vehicles and parts rose 4.3% in August.

Sales at wholesalers increased 1.4% in August after rising 4.8% in July. Economists had forecast a 2.0% rise in sales. At August’s sales pace it would take wholesalers 1.31 months to clear shelves, down from 1.32 months in July.

Reporting by Andrea Ricci; Editing by Chizu Nomiyama

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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