Census Bureau Revises September Wholesale Inventory Growth Upward

The United States Census Bureau revised September wholesale inventory growth upward to 0.7 percent, an increase from the initial report of 0.6 percent. This growth was primarily driven by a 10.6 percent surge in petroleum inventories, alongside increases in electrical goods and hardware stocks, which rose 2.5 percent and 1.3 percent respectively.

Officials attributed the rise in electrical goods and hardware to aggressive business spending on artificial intelligence infrastructure. Wholesale sales also increased by 2.8 percent during September, which reduced the time required to clear shelves to 1.21 months.

Overall inventory investment rebounded in the third quarter following five consecutive quarters of contraction. This shift contributed 1.61 percentage points to the economy's 3.4 percent annualized growth pace for the July-September period.