U.S. wholesalers restocked at a fast pace in August, while sales rose at a swift clip.
Wholesale inventories increased a seasonally adjusted 0.9% in August from the prior month, the fastest pace since November 2016, when inventories rose 1.1%, the Commerce Department said Friday. Economists surveyed by The Wall Street Journal had expected a 1% increase.
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Sales in August were up 1.7% from the revised July level. The ratio of inventories to sales fell to 1.28 in August from 1.32 a year earlier.
The Commerce Department said it couldn't "isolate the effect of Hurricane Harvey" on the August wholesale trade numbers, but that some companies experienced a drop in sales or an increase in inventories as a result of power outages and closures, while others reported decreased inventories due to storm damage.
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(END) Dow Jones Newswires
October 06, 2017 10:21 ET (14:21 GMT)