By Sarah Chaney
WASHINGTON--U.S. business inventories were unchanged in August from the previous month, the Commerce Department said Wednesday. Economists surveyed by The Wall Street Journal had expected a 0.2% increase in August from the prior month.
Here are some key takeaways from the report:
--Breaking down by sector, factory inventories were flat in August compared with the prior month. Retail inventories fell 0.1%, and wholesale inventories were up 0.2% on the month.
--The overall inventories-to-sales ratio in August was 1.40, the same as in July. It had been 1.35 in August 2018.
--Wednesday's figures will be incorporated into the Commerce Department's calculation of third-quarter U.S. gross domestic product, due out at the end of the month. Forecasting firm Macroeconomic Advisers estimated Friday that third-quarter growth would log in at a 1.4% annual rate, down from a 2.0% pace in the second quarter.
Write to Sarah Chaney at firstname.lastname@example.org
(END) Dow Jones Newswires
October 16, 2019 10:15 ET (14:15 GMT)
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