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U.S. March business inventories recorded the largest increase in nearly four years
ME News Report, May 14 (UTC+8), data released by the U.S. government on Thursday shows that driven by an increase in wholesale inventories, U.S. corporate inventories in March recorded the largest increase in nearly four years. The data shows that corporate inventories in March increased by 0.9% month-on-month, the largest since June 2022, with market expectations at 0.8%, and a previous increase of 0.4% in February. March corporate inventories grew by 2.0% year-on-year. The U.S. government estimated last month that corporate inventories contributed 0.40 percentage points to the first quarter GDP annualized growth rate. The U.S. economy grew at an annualized rate of 2.0% in the first quarter, compared to a 0.5% growth rate in the October-December quarter last year. Segment data shows retail inventories increased by 0.6% in March, unchanged from February; wholesale inventories surged by 1.3%; manufacturer inventories grew by 0.6%. (Source: Jin10)