A report released by the Commerce Department on Thursday showed wholesale inventories in the U.S. increased by slightly more than expected in the month of January.
The Commerce Department said wholesale inventories climbed by 0.8 percent in January after falling by a revised 0.4 percent in February.
The report said inventories of durable goods grew by 0.9 percent during the month, while inventories of non-durable goods increased by 0.7 percent.
Meanwhile, the Commerce Department said wholesale sales tumbled by 1.3 percent in January after jumping by 1.4 percent in December.
Sales of durable goods plunged by 2.3 percent during the month, while sales of non-durable goods dipped by 0.3 percent.
With inventories climbing and sales slumping, the inventories/sales ratio for merchant wholesalers rose to 1.33 in January from 1.30 in December.