Wholesale trade figures for the month of August were released by the U.S. Department of Commerce Thursday morning. The reading came out at 0.7%, beating the Bloomberg estimate of 0.3%. The previous reading was revised to 0.3% from 0.1%.
The total sales for merchant wholesalers were recorded at $453.9 billion and inventories read at $538 billion. Sales for durable goods were up 0.1% from the previous month, and up 7% from August of 2013. Inventories for durable goods were up 0.8% from the previous month and 8.5% on the year. Sales of metals and minerals, except petroleum, were up 1.6% from the previous month.
Sales of nondurable goods were down 1.3% from July, but they were up 4.7% from August 2013. Inventories for nondurable goods were up 0.5% from the previous month and 6.9% on the year. Petroleum and petroleum products were down 4.2%, and farm product raw materials were down 3.8% from the previous month. Inventories of drugs and druggists’ sundries were up 1.6% from July.
Based on seasonally adjusted data for the month of August, the inventories to sales ratio for merchant wholesalers was 1.19 compared to the previous year of 1.16.