US wholesale inventories, sales rise in July

Wholesale inventories in the US rose in July 2024, after holding steady in June, while sales increased during the month after declining in June.

Wholesale inventories of unsold goods rose in July by 0.2% month-on-month, reaching $903.5 billion, a downward revision from the 0.3% increase in the initial reading, according to the final reading issued by the US Census Bureau on Sept. 9.

The increase boosts investment in inventory, which underpins economic growth at the beginning of the third quarter. Wholesale inventories are up by 0.4% compared to July 2023.

Wholesales in July amounted to $671 billion, an increase of 1.1% from the June reading, and up 2.9% compared to the same month last year.

The inventory-to-sales ratio fell to 1.35 months, from 1.38 months recorded in July last year.