WASHINGTON, Aug 14 (Reuters) - U.S. business inventories were unchanged in June as an increase in stocks at wholesalers was offset by a decline at retailers, reflecting strong domestic demand in the second quarter.
The flat reading in inventories followed a 0.4% rise in May, the Commerce Department's Census Bureau said on Friday. Economists polled by Reuters had forecast inventories, a key component of gross domestic product and one of the most volatile, edging up 0.1% in June.
Inventories increased 3.0% year-on-year in June.
Business inventories have been drawn down for five straight quarters amid robust domestic demand, a mix of consumer spending and business investment tied to artificial intelligence.
They subtracted from gross domestic product growth in the second quarter. The economy grew at a 1.5% annualized rate last quarter, though domestic demand increased at its fastest pace in more than three years.
#domestic #june #demand #quarter
The flat reading in inventories followed a 0.4% rise in May, the Commerce Department's Census Bureau said on Friday. Economists polled by Reuters had forecast inventories, a key component of gross domestic product and one of the most volatile, edging up 0.1% in June.
Inventories increased 3.0% year-on-year in June.
Business inventories have been drawn down for five straight quarters amid robust domestic demand, a mix of consumer spending and business investment tied to artificial intelligence.
They subtracted from gross domestic product growth in the second quarter. The economy grew at a 1.5% annualized rate last quarter, though domestic demand increased at its fastest pace in more than three years.
#domestic #june #demand #quarter
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