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US wholesale inventories rebound marginally in October
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US wholesale inventories rebound marginally in October
Dec 9, 2024 7:55 AM

WASHINGTON, Dec 9 (Reuters) - U.S. wholesale inventories

rebounded moderately in October amid a small rise in stocks of

long-lasting manufactured goods.

The Commerce Department's Census Bureau said on Monday that

wholesale inventories increased 0.2% as estimated last month.

Stocks at wholesalers fell 0.2% in September. Economists

polled by Reuters had expected that the gain in inventories, a

key part of gross domestic product, would be unrevised at 0.2%.

Inventories rose 0.9% on a year-on-year basis in October.

Inventories could increase in the months ahead as businesses

fearful of higher tariffs stockpile goods. President-elect

Donald Trump has said he would impose a 25% tariff on all

products from Mexico and Canada and an additional 10% tariff on

goods from China on his first day in office.

Durable goods inventories edged up 0.1%, lifted by stocks at

furniture, professional equipment and lumber wholesalers. But

motor vehicle inventories fell 0.1% while those of electrical

goods declined 1.0%.

Stocks of nondurable goods increased 0.3%, with strong rises

in inventories of groceries and medication.

Private inventory investment was a small drag on GDP in the

third quarter. The economy grew at a 2.8% annualized rate in the

July-September quarter.

Sales at wholesalers dipped 0.1% in October after rising

0.5% in September. At October's sales pace it would take

wholesalers 1.34 months to clear shelves, unchanged from

September.

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