WASHINGTON — Wholesale inventories jumped 1.5% in November, the largest increase in more than five years and the second consecutive monthly increase, the Commerce Department reported today.
Wholesale sales increased 3.3% boosted by a 4.4% increase in nondurable sales. Sales have increased for eight months in a row. Wholesale automotive sales increased 1.3%.
Economists expected wholesale inventories to decrease 0.3% and for sales to increase 1.0%, according to the median estimate.
The inventories increase was the largest since October 2004. Inventories in October were revised higher to a 0.6% increase from the 0.3% gain initially reported. The October increase was the first following a string of 13 consecutive monthly inventory declines.
Inventories of durable goods declined 0.3%. Nondurable inventories increased 4.2% and petroleum inventories jumped 7.0% for the month.
The inventories-to-sales ratio fell to 1.14 from 1.17 in October.
