US firms' inventories steady in June
Data from the U.S. Census Bureau showed that business inventories stabilized in June after a month of increase, with wholesale inventories offsetting a decline in retail inventories amid strong domestic demand during the second quarter of the year. Inventories had risen by 0.4% in May, and economists had expected a 0.1% increase in June. Inventories contributed to restraining GDP growth, which registered an annual rate of 1.5% for the quarter, despite the fastest pace of domestic household demand in over three years. Retail inventories decreased by 0.2%, while wholesale inventories increased by 0.2%. Business sales fell by 1.1% in June, requiring about 1.30 months to clear the stock, compared to 1.28 months in May.
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