WASHINGTON, Feb. 9 (Xinhua) — U.S. wholesale inventories recorded their smallest gain in December in over two years, suggesting businesses are holding back new orders amid the double whammy of slowing sales and rising interest rates.
Data released by the Commerce Department Wednesday showed wholesale inventories edged up 0.1 percent on a monthly basis, down from a 0.9 percent increase in November. The marginal uptick was the lowest since July 2020, with much of the nation still reeling from draconian restrictions.
Inventories are a key indicator of GDP. There were increases in wholesale stocks of motor vehicles and electrical equipment but drops in computers, apparel, and furniture.