Business Inventories Rise, While Sales Are Strong - Economy * US * News * Story

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Business Inventories Rise, While Sales Are Strong

By: Reuters | 12 Jun 2008 | 10:05 AM ET

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U.S. business inventories rose 0.5 percent in April, more than expected, while sales were their strongest since November, a government report showed.

Inventories stood at a seasonally adjusted $1.47 trillion in April, the Commerce Department said.

Wall Street analysts were expecting a 0.3 percent gain in April, after a 0.2 percent rise in March previously reported as a 0.1 percent increase.

Retailer increased their stocks by 0.4 percent in April, after a 0.6 percent drop in March, in a sign they may be expecting stronger consumer spending.

Earlier on Thursday, the department reported retail sales in May rose 1 percent, much higher than expected. Analysts said rebates from the government stimulus package boosted sales at retailers.

The rise in inventories could cause economists to increase forecasts for second-quarter gross domestic product.