It’s another posititive indicator for the U.S. industrial economy, following a strong PMI reading at the start of April.
The U.S. Census Bureau shared its monthly wholesale trade statistics for February 2024 sales and inventories on March 10.
The report showed that February sales for merchant wholesalers (except manufacturers’ sales branches and offices, seasonally adjusted, but not for price), were $673.7 billion — up 2.3% from the revised January level and up 0.8% year-over-year. The December to January percent change was revised up from the advanced figure of -1.8% to -1.4%.
The report showed that total inventories of wholesalers were $901.1 billion at the end of February — up 0.5% from the revised January level and down 1.5% year-over-year. The January to February percent change was unrevised from the advance estimate of +0.5%.
The February inventories/sales ratio for wholesalers was 1.34, down from January’s 1.36. The ratio was 1.37 in February 2023.
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It followed a January monthly decrease of 0.2%.
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