US business inventories up 0.1 per cent in September
WASHINGTON — U.S. businesses boosted their stockpiles by a slight amount in September while their sales increased by the most in three months.
The Commerce Department says business inventories edged up 0.1 per cent in September, slower than the 0.2 per cent gain seen in August. Sales were up a solid 0.7 per cent, double the 0.3 per cent rise in August. It was the best showing since a 1 per cent gain in June.
The gain in sales was evidence that the economy is gaining strength after a sluggish period at the beginning of the year.
Overall economic growth, as measured by the gross domestic product, increased at an annual rate of 2.9 per cent in the July-September quarter, double the 1.4 per cent GDP gain in the second quarter.