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( As on 11/09/2017 11:56) US wholesale inventories up 0.6% in July

The US Commerce Department said that the country's wholesale inventories climbed by 0.6 per cent in July, matching the downwardly revised increase in June.

Inventories of durable goods jumped by 0.9 per cent, reflecting notable increases in inventories of electrical goods, metals, and machinery.

The report said inventories of non-durable goods crept up by 0.2 per cent, as significant growth in inventories of petroleum and farm products was partly offset by a steep drop in inventories of drugs.

Meanwhile, the Commerce Department said wholesale sales edged down by 0.1 per cent in July after climbing by 0.6 per cent in June.

Sales of durable goods dipped by 0.1 per cent, while sales of non-durable goods came in virtually unchanged compared to the previous month.

With inventories rising and sales falling, the inventories/sales ratio for merchant wholesalers inched up to 1.30 in July from 1.29 in June.