WASHINGTON – Business inventories fell 1.5% in August, more than economists expected, the Commerce Department reported today.
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Business inventories fell 1.1% in July and have fallen every month since August 2008.
Economists expected business inventories to fall 0.9% in August, according to the median estimate provided by Thomson Reuters.
The inventory-to-sales ratio, a measure of how quickly goods are sold, dropped to 1.33 from 1.36 in July. The ratio was 1.33 in August 2008.
Total business sales increased 1.0%. Retailers’ sales increased 2.4% in August aided by a 7.8% jump in sales at motor vehicle and parts dealers. Excluding autos and parts, retailers’ sales increased 1.1%.
