(CercleFinance.com) – Inventories of wholesalers in the United States fell further in July, reflecting a continuation of the destocking movement weighing on manufacturing production.
The Department of Commerce reported on Friday a 0.2% decrease in inventories in July, notably due to the decline in stocks of electrical equipment and clothing, which more than offset the increase in oil stocks with the rise oil prices.
Economists expected a decline of 0.1% after a decline of 0.7% (revised against -0.5% initially) in June.
Sales by wholesalers increased by 0.8% in July, which means that at the current rate, it takes 1.39 months to sell off existing stocks, a ratio up sharply over one year (1.33 month in July 2022).
However, a rising rate reflects an accumulation of stocks likely to weigh on production.
Copyright © 2023 CercleFinance.com. All rights reserved.
Did you like this article ? Share it with your friends with the buttons below.
