WASHINGTON – Business inventories increased 0.7% in October, the Commerce Department reported Tuesday.
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Business sales increased 1.4% for the month. Retail inventories fell 0.6%.
Economists expected business inventories would rise 1.0% for the month, according to the median estimate from Thomson Reuters. September’s inventory increase was revised higher to a 1.3% rise from the 0.9% jump reported last month.
The inventories-to-sales ratio held at 1.27, the same ratio for September and August. The ratio was 1.30 in October 2009.
