December 8, 2022

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Motor Vehicles Boost U.S. Business Inventories in March | Investing News

WASHINGTON (Reuters) – U.S. company inventories greater marginally additional than expected in March, lifted by a jump in motor car or truck stocks, authorities info showed on Tuesday.

Business inventories rose 2.% following expanding 1.8% in February, the Commerce Department reported. Inventories are a critical part of gross domestic merchandise. Economists polled by Reuters had forecast inventories climbing 1.9%.

Inventories surged 14.7% on a calendar year-on-yr basis in March. Retail inventories greater 2.3% in March, as a substitute of 2.% as approximated in an progress report published past month. That followed a 1.6% raise in February.

Motor automobile inventories rose 1.6% instead of 1.2% as approximated past month. They greater 1.4% in February. Retail inventories excluding autos, which go into the calculation of GDP, shot up 2.5%, alternatively than 2.3% as believed past month.

Inventory expenditure slowed in the to start with quarter from the October-December period’s sturdy rate. That, jointly with a record trade deficit, weighed on gross domestic product or service, ensuing in the economic climate contracting at a 1.4% annualized fee in the 1st quarter.

Wholesale inventories greater 2.3% in March. Shares at makers acquired 1.3%.

Enterprise profits rose 1.8% in March after climbing 1.2% in February. At March’s gross sales speed, it would consider 1.27 months for corporations to crystal clear cabinets, unchanged from February.

(Reporting by Lucia Mutikani)

Copyright 2022 Thomson Reuters.