WASHINGTON (AP) — Businesses increased their stockpiles of goods held on shelves and back lots in June in a gain that was in line with analysts’ expectations.
The Commerce Department reported Monday that businesses' inventories rose by 0.4 percent last month, matching the increase Wall Street had been expecting. Inventories rose by 0.5 percent in May.
Economists are looking for inventory building to help bolster economic growth in coming months.
The June advance included 0.5 percent gains in inventories held by retailers and wholesalers and a 0.3 percent rise in inventories held by manufacturers.
The 0.4 percent rise total inventories came in a month when business sales actually fell by 0.3 percent.