Business Inventories, Sales Rise in June

U.S. companies boosted inventories in June by a strong 0.9% as businesses continued to strive to keep up with robust sales, the Commerce Department said. Analysts had expected a 0.6% increase in stockpiles of goods on shelves and back lots nationwide. Stocks of oil and oil products, which saw a price spike this summer, soared 4.7% while drug inventories rose 3.1%. June sales jumped 0.9% to $904.2 billion, with oil and oil products, electrical goods, motor vehicles, automotive equipment and beer, wine and alcoholic beverages leading the way. The June increase in sales left the inventory-to-sales ratio unchanged but near a record low.