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 increased 0.9%, the largest increase since July, and inventories of nondurable goods jumped 3.2%. Total wholesale inventories have increased for 10 straight months.
Wholesale sales increased 2.2%, the largest gain since March and the fourth consecutive monthly increase.
Economists expected wholesale inventories would rise 0.9% and sales would increase 0.6%, according to the median estimate from Thomson Reuters.
Inventories in September were revised lower to a 0.5% increase from a 1.5% gain reported last month. September sales were revised higher to a 2.1% increase from 0.4%.
The inventories-to-sales ratio held at 1.18, the same figure as September. The ratio was 1.22 in October 2009.
