U.S. enterprise inventories rose again in February, an indicator of economic progress as companies restock right after pandemic shutdowns.
The Commerce Section approximated manufacturers’ and trade inventories at an end-of-month level of $two,010.eight billion, up .5% from January but down .seven% 12 months around 12 months.
February’s acquire, which was in line with economists’ expectations, followed a .four% progress in January.
Retail inventories ended up unchanged although motor motor vehicle inventories fell two.6%. “Motor motor vehicle stocks are dwindling as a global semi-conductor shortage hampers automobile output,” Reuters explained.
Retail inventories excluding autos increased 1.two% as approximated last month, adhering to a .two% acquire in January.
Stock financial commitment has contributed to GDP progress for two straight quarters. Progress estimates for the very first quarter are as superior as a nine.seven% annualized level and GDP is predicted to boost far more than seven.% this 12 months, which would be the speediest due to the fact 1984 and would comply with a three.5% contraction last 12 months, the worst performance in seventy four several years.
Company profits fell 1.nine% in February right after soaring four.5% in January. At February’s profits pace, it would take 1.30 months for corporations to very clear shelves, up from 1.27 months in January.