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Iran shipping line masks 'arms vessels'
WASHINGTON, Sept. 10 (UPI) -- U.S. wholesale inventories rose 1.3 percent in July above an upwardly revised climb in June, the Commerce Department said Friday.
The July increase to a seasonally adjusted $405 billion -- following a June increase originally reported as 0.1 percent -- exceeded many Wall Street analysts' expectations of a 0.4 percent rise.
July wholesale sales climbed 0.6 percent to a seasonally adjusted $350.1 billion, also increasing compared to an upwardly revised figure for June, the department said.
June inventories and sales were both corrected with an upward revision of 0.2 percent.
The inventory-to-sales ratio for July -- reflecting how many months it would take a firm to deplete its current inventory at the current sales pace -- fell to a record-low 1.16 July from 1.3 a month ago.
Inventories of durable goods, meant to last three or more years, increased 1 percent in July compared to June, but were "virtually unchanged" from July 2009, the department said.
Durable goods sales rose 0.5 percent compared to June, 14.8 percent compared to a year ago. Sales of non-durable goods on the wholesale level rose 0.6 percent from a month ago and were up 10.9 percent from 12 months ago.
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