RTTNews - Tuesday morning, the Commerce Department released its report on business inventories in the month of May, showing that inventories fell by a little more than economists had been expecting. The report also showed a modest decrease in business sales.
The report showed that business inventories fell 1.0 percent in May following a revised 1.3 percent decrease in April. Economists had expected inventories to fall by 0.8 percent compared to the 1.1 percent drop originally reported for the previous month.
Additionally, the Commerce Department said that business sales edged down 0.1 percent in May after slipping 0.3 percent in the previous month. The modest decrease was largely due to a 0.9 percent drop in sales by manufacturers.
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