The U.S. Census Bureau has reported an increase in wholesale inventories for July, reflecting continued growth in the sector. According to the advance statistics released on August 29, wholesale inventories rose 0.2% from June, reaching $908.4 billion. This marks a 1.3% increase compared to the same period last year. The June to July increase is an acceleration following the modest 0.1% rise from May to June, which was confirmed as unrevised from the preliminary estimate.
Retail Inventories See Similar Growth
In addition to the wholesale sector, retail inventories also experienced a 0.2% rise in July compared to the previous month, ending at $809.3 million. This represented a year-over-year increase of 1.6%. Similar to wholesale inventories, the June retail inventory figures were confirmed as unrevised at 0.2% growth.
Trade Deficit Expands in July
The Census Bureau also provided data on the U.S. international trade deficit, which widened significantly in July. The trade deficit increased to $103.6 billion, up from $84.9 billion in June. This $18.7 billion rise is attributed to a sharp increase in imports paired with relatively stagnant export levels. Specifically, July exports of goods were recorded at $178.0 billion, which was only $0.1 billion higher than in June. Meanwhile, imports surged by $18.6 billion, reaching $281.5 billion.
Upcoming Reports
The Census Bureau announced that the full July Wholesale Trade Report will be released on September 7, providing further insights into the industry. Additionally, the advance report for August wholesale and retail inventories is scheduled for release on September 25.
This latest data offers a snapshot of the U.S. economy's performance in July, with wholesale and retail inventories showing moderate growth and trade imbalances continuing to widen. The figures align with economists' expectations, according to reports from national news outlets.
