The U.S. Commerce Department released the business inventories data on Wednesday. The U.S. business inventories rose 0.1% in March, beating expectations for a 0.2% increase, after a 0.2% gain in February. February's figure was revised up from a 0.3% rise.

The increase was driven by a rise in retail inventories. Retail inventories climbed 0.3% in March.

Business sales climbed 0.4% in March, after a 0.2% fall in February.

The business inventories/sales ratio fell to 1.36 months in March from 1.37 months in February. The business inventories /sales ratio is a measure of how long it would take to clear shelves.