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US business inventories unchanged in September

US business inventories unchanged in September

Mubasher: US business inventories recorded no change in September, as retail stockpiles were weaker than earlier estimated, official figures showed on Friday.

US business inventories, which represent a major component of gross domestic product (GDP), remained virtually unchanged at $2.041 trillion during September, on a seasonally adjusted basis.

This came after inventories shrank by 0.1% in August, according to the revised reading by the US Commerce Department’s Census Bureau.

Meanwhile, analysts surveyed by Reuters expected a 0.1% growth.

Retail inventories edged up by 0.2% in September, compared to an earlier estimate showing a larger growth of 0.3%, and reversing a drop of 0.2% in the previous month.

The collective value of distributive trade sales and manufacturers’ shipments fell by 0.2% to $1.459 trillion.

The ratio of total inventories to sales in September was 1.40, unchanged from the prior month, while it was higher than the ratio of 1.36 in the same month last year.

Inventory accumulation has been losing pace since the first quarter of this year, while the overhang prompted businesses to place fewer orders with manufacturers, which in turn dealt a blow to factory business.

By 3:23 pm GMT, the dollar index, which gauges the greenback against six major peers, fell by 0.18% to 97.9850.