NEW YORK — Wholesale inventories rose 0.4% in March, while sales increased 2.4%, and the inventories-to-sales ratio dropped to a record low, the Commerce Department reported today.
The wholesale inventories-to-sales ratio dropped to 1.13 in March, the lowest on record dating back to January 1992.
Wholesale sales increased 2.4% for the month, more than twice economists’ expectations, as nondurable sales increased 2.8%.
Economists expected wholesale inventories to increase 0.5% and for sales to increase 1.1%, according to the median estimate from Thomson Reuters.
Wholesale sales in February were revised higher to a 1.2% gain from a 0.8% increase reported last month. February’s inventories were unrevised at a 0.6% increase.
The inventories-to-sales ratio has steadily declined as the economy has improved. The ratio was 1.39 in March 2009.
Inventories of durable goods increased 0.8%, the strongest monthly gain since August 2008. Inventories of autos increased 0.9%, computer equipment increased 2.6% and metals increased 3.6%.
Nondurable inventories decreased 0.2%, the first decline in three months.
