Investing.com - U.S. business inventories rose more-than-expected in January, official data showed on Tuesday.
In a report, the U.S. Census Bureau said that wholesale inventories rose by 0.7% in January, above expectations for a 0.6% gain.
Wholesale inventories for December were revised up to a 0.6% increase from a previously reported 0.4% gain.
Year-on-year, business inventories rose at an annualized rate of 7.6% in January, after climbing at a rate of 7.7% in December.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.65% to trade at 1.3071.
Meanwhile, U.S. equity markets were broadly higher after the open. The Dow Jones Industrial Average rose 0.35%, the S&P 500 index added 0.5%, while the Nasdaq Composite index advanced 0.6%.
In a report, the U.S. Census Bureau said that wholesale inventories rose by 0.7% in January, above expectations for a 0.6% gain.
Wholesale inventories for December were revised up to a 0.6% increase from a previously reported 0.4% gain.
Year-on-year, business inventories rose at an annualized rate of 7.6% in January, after climbing at a rate of 7.7% in December.
Following the release of the data, the U.S. dollar remained higher against the euro, with EUR/USD shedding 0.65% to trade at 1.3071.
Meanwhile, U.S. equity markets were broadly higher after the open. The Dow Jones Industrial Average rose 0.35%, the S&P 500 index added 0.5%, while the Nasdaq Composite index advanced 0.6%.