Home ยป Motor Vehicles Boost U.S. Business Inventories in March – NADA Blog

Motor Vehicles Boost U.S. Business Inventories in March – NADA Blog

by Arifa Rana

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NADA’s mission is to serve an represent franchised new-car and -truck dealers, their management and employees. Contact us for more information:
NADA’s mission is to serve an represent franchised new-car and -truck dealers, their management and employees. Contact us for more information:
Reuters
U.S. business inventories increased slightly more than expected in March, lifted by a jump in motor vehicle stocks, government data showed on Tuesday.
Business inventories rose 2.0% after increasing 1.8% in February, the Commerce Department said. Inventories are a key component of gross domestic product. Economists polled by Reuters had forecast inventories rising 1.9%.
Inventories surged 14.7% on a year-on-year basis in March. Retail inventories increased 2.3% in March, instead of 2.0% as estimated in an advance report published last month. That followed a 1.6% increase in February.
Motor vehicle inventories rose 1.6% instead of 1.2% as estimated last month. They increased 1.4% in February. Retail inventories excluding autos, which go into the calculation of GDP, shot up 2.5%, rather than 2.3% as estimated last month.
Inventory investment slowed in the first quarter from the October-December period’s robust pace. That, together with a record trade deficit, weighed on gross domestic product, resulting in the economy contracting at a 1.4% annualized rate in the first quarter.
Wholesale inventories increased 2.3% in March. Stocks at manufacturers gained 1.3%.
Business sales rose 1.8% in March after climbing 1.2% in February. At March’s sales pace, it would take 1.27 months for businesses to clear shelves, unchanged from February
(Reporting by Lucia Mutikani)
The views and opinions expressed in this story are those of the authors and do not necessarily reflect the official policy or position of NADA.
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