NEW YORK — Wholesale inventories increased 1.1% in January, the Commerce Department reported Wednesday.
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Wholesale sales increased 3.4%.
Economists expected inventories would increase 0.9% and sales would gain 0.7%, according to the median estimate from Thomson Reuters.
Inventories for December were revised higher to a 1.3% rise from the 1.0% gain reported last month. December sales were up a revised 1.1%, originally reported as a 0.4% increase.
Inventories of durable goods increased 1.1% in January following a 1.0% increase in December. Sales of durable goods rose 2.3% in the month after a 1.6% rise in December.
The inventories-to-sales ratio decreased to 1.13 in January from 1.15 in December.
