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.