By Ovunc Kutlu
ISTANBUL (AA) - US business inventories increased 0.3% to $2,545.2 billion in April, according to Commerce Department figures released Wednesday.
The figure came in line with market expectations, while the figure for March was slightly revised down from $2,539 billion to $2,537.5 billion for a monthly loss of 0.1%.
Business inventories, which measure the change in value of unsold goods held by manufacturers, wholesalers and retailers, were annually up 1% in April, compared to the same month in 2023.
The annual increase in inventories indicates that consumer demand is weakening in the US as a result of the Federal Reserve's aggressive monetary tightening to lower record inflation.