WASHINGTON — Wholesale inventories increased 1.5% in September, higher than expected, as businesses increased their stocks of nondurable and apparel goods, the Commerce Department reported Tuesday.
Wholesale inventories for August were revised higher to a 1.2% increase from the 0.5% gain reported last month. Inventories have increased for nine straight months.
Wholesale sales for September increased 0.4% and sales in August were revised to a 0.5% increase from the 0.4% jump reported last month.
Economists expected wholesale inventories to rise 0.7% for the month and for sales to increase 0.6%, according to the median estimate from Thomson Reuters.
Wholesalers stocked up on nondurable inventories, which increased 2.8% for the month, the largest gain since last November. Stocks of apparel jumped 4.0%, the largest gain in almost six years. Petroleum inventories increased 3.4%, the largest increase since March.
Durable wholesale inventories increased 0.7%, matching the August increase.
The inventories-to-sales ratio increased slightly to 1.18 in September from 1.17 in August. The ratio was 1.22 in September 2009.
