Wholesale inventories in the U.S. increased by slightly more than anticipated in the month of October, according to a report released by the Commerce Department on Friday.
The Commerce Department said wholesale inventories advanced by 0.8 percent in October after climbing by an upwardly revised 0.7 percent in September.
Economists had expected inventories to rise by 0.7 percent compared to the 0.4 percent increase originally reported for the previous month.
The report said inventories of durable goods surged up by 1.7 percent during the month, more than offsetting a 0.6 percent drop in inventories of non-durable goods.
Meanwhile, the Commerce Department said wholesales dipped by 0.2 percent in October after inching up by 0.1 percent in September.
The modest decrease came as wholesale sales of durable and non-durable goods edged down by 0.1 percent and 0.3 percent, respectively.
With inventories rising and sales falling, the inventories/sales ratio for merchant wholesalers ticked up to 1.28 in October from 1.27 in September. The ratio was unchanged from a year ago.