WASHINGTON — Wholesale inventories and sales jumped in October, increasing 1.9% and 2.2%, respectively, the Commerce Department reported Thursday.
Wholesale inventories of durable goods rose 0.9%, the largest increase since July, and inventories of nondurable goods jumped 3.2%. Total wholesale inventories have now expanded 10 straight months.
Wholesale sales rose 2.2% to post their largest gain since March and fourth consecutive monthly increase. Economists expected gains of 0.9% for wholesale inventories and 0.6% for wholesale sales.
Inventories in September were revised lower to an increase of 0.5% from the 1.5% gain initially reported. September sales were revised upward to a 2.1% rise from 0.4%.