By Ovunc Kutlu
ISTANBUL (AA) - US business inventories increased 0.3% to reach $2,567.5 billion in June, according to Commerce Department figures released Thursday.
The figure came in line with market expectations.
The figure for May slightly revised up from $$2,558.5 billion to $2,558.8 billion for a monthly gain of 0.5%.
Business inventories, which measure the change in value of unsold goods held by manufacturers, wholesalers and retailers, were annually up 2.1% in June, compared to the same month in 2023.
The gain in inventories indicates that consumer demand is weakening in the US as a result of the Federal Reserve's aggressive monetary tightening to lower inflation.