(MENAFN) According to data released by the Commerce Department on Tuesday, US wholesale inventories rose 0.2 percent in February, in line with market estimates. The figure measures the change in the total value of goods held in inventory by wholesalers and stood at USD920.3 billion last month. This increase comes after a revised 0.5 percent decline in January, which was previously reported as a decrease of 0.4 percent.
The rise in wholesale inventories in February is likely due to increased demand for goods as the economy continues to recover from the effects of the COVID-19 pandemic. The increase in inventory levels indicates that wholesalers are stocking up on goods in anticipation of higher demand in the coming months. This could be a positive sign for the economy, as it suggests that businesses are optimistic about future growth prospects.
Wholesale inventories in February were up 12.2 percent compared to the same month last year. This is a significant increase and indicates that the economy is recovering from the pandemic-induced recession. The rise in inventories is also a positive sign for manufacturers, as it suggests that wholesalers are confident in their ability to sell goods in the coming months.
Overall, the rise in US wholesale inventories in February is a positive sign for the economy. It suggests that businesses are optimistic about growth prospects and are stocking up on goods in anticipation of increased demand. This could lead to increased production and hiring in the coming months, which would further support economic growth.
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