Business inventories in the U.S. increased by slightly more than expected in the month of February, according to a report released by the Commerce Department on Monday.
The Commerce Department said business inventories climbed by 0.4 percent in February after coming in unchanged in January. Economists had expected business inventories to rise by 0.3 percent.
The bigger than expected increase in business inventories came as retail and wholesale inventories advanced by 0.6 percent and 0.5 percent, respectively, while wholesale inventories rose by 0.3 percent.
The report also showed a notable rebound by business sales, which jumped by 1.6 percent in February after slumping by 1.0 percent in January.
Wholesale sales surged by 2.3 percent during the month, while manufacturing and retail sales shot up by 1.4 percent and 1.0 percent, respectively.
With sales jumping by much more than inventories, the total business inventories/sales ratio edge down to 1.38 in February from 1.39 in January.
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