(MENAFN- Saudi Press Agency)
Washington, Jumada II 26, 1439, March 14, 2018, SPA -- U.S. business inventories grew solidly in January as sales recorded their biggest decline in more than a year, the government reported Wednesday.
The Commerce Department said business inventories rose 0.6 percent after advancing by the same amount in December. The increase in inventories, which are a key component of gross domestic product (GDP), was in line with economist expectations.
Retail inventories rose 0.7 percent in January after increasing 0.3 percent the previous month. Vehicle inventories jumped 1.7 percent after climbing 0.3 percent in December. Manufacturing inventories gained 0.3 percent, and wholesale inventories advanced 0.8 percent.
Retail inventories excluding vehicles—a component of GDP calculation—rose 0.1 percent after surging 0.6 percent in December.
Business sales fell 0.2 percent in January, the biggest drop since mid-2016, after increasing 0.5 percent in December.
--spa
22:06 LOCAL TIME 19:06 GMT
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