US business inventories rise slightly in June

ISTANBUL

Business inventories in the US rose slightly in June to reach $2,541.1 billion, according to Commerce Department figures released Tuesday.

The figure came lower than the market expectations of a 0.1% gain. The May figure was revised to $2,540.8 billion for no change.

Business inventories, which measure the change in value of unsold goods held by manufacturers, wholesalers and retailers, annually increased 2% in June, compared to the same month of the previous year.

An increase in inventories indicates there is a lack of consumer demand as the Federal Reserve continues aggressive monetary tightening to lower record inflation.​​​​​​​