WASHINGTON (Reuters) – US wholesale inventories grew more than initially estimated in November, suggesting that warehouse replenishment contributed to economic growth in the last quarter.
The Commerce Department said on Monday that bulk inventories rose 1.4% instead of rising 1.2% last month’s estimate. Wholesale inventory grew 2.5% in October.
Economists consulted by Reuters did not predict a revision of inventories. Wholesale inventory jumped 15.9% in November from the same period in 2020.
Inventories are a fundamental part of US gross domestic product (GDP).
Automotive vehicle inventory grew 2.7% after growing 2.8% in October. Still, global semiconductor shortages are constraining vehicle production.
Wholesale inventories excluding automobiles—a measure that is counted in GDP calculations—increased 1.2% in November.
Wholesalers’ sales rose 1.3% in November after rising 2.5% in October.
At the pace of November sales, it would take 1.22 months for wholesalers to clear shelves, an unchanged reading from October.
(by Lucia Muticani)
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