WASHINGTON (dpa-AFX) - A report released by the Commerce Department on Friday showed business inventories in the U.S. surged by more than expected in the month of November.
The Commerce Department said business inventories shot up by 1.3 percent in November, matching the upwardly revised jump in October.
Economists had expected inventories to increase by 1.0 percent compared to the 1.2 percent growth originally reported for the previous month.
The report showed retail inventories spiked by 2.0 percent, while wholesale inventories surged by 1.4 percent and manufacturing inventories increased by 0.7 percent.
Meanwhile, the Commerce Department said business sales climbed by 0.7 percent in November after soaring by 2.2 percent in October.
Wholesale sales jumped by 1.3 percent, while manufacturing sales increased by 0.7 percent and retail sales inched up by 0.1 percent.
With inventories increasing by more than sales, the total business inventories/sales ratio ticked up to 1.25 in November from 1.24 in October.
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