US business inventories rose slightly more than expected in March, driven by an increase in motor vehicle inventories.
- Business inventories jumped 2.0% after rising 1.8% in February. Inventories are a major component of gross domestic product. Inventories rose 14.7% on a year-on-year basis in March.
- Motor vehicle inventories increased by 1.6% rather than 1.2% as projected last month. They rose 1.4% in February. Retail inventories, excluding autos, rose by 2.5% rather than 2.3%, as projected last month.
- Inventory investment eased in Q1 from the October-December period’s record rate, resulting in the contraction of the US economy.
Wholesale inventories rose 2.3% in March. Stocks held at manufacturers increased by 1.3%.
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Source: US Census Bureau