The Commerce Department announced on Tuesday that business inventories increased 0.8 percent m-o-m in June, following a revised 0.6 percent m-o-m advance in May (originally a 0.5 percent m-o-m gain).

This was in line with economists’ forecast for a 0.8 percent m-o-m rise and marked the biggest monthly gain since October 2020.

According to the report, inventories at wholesalers jumped 1.3 percent m-o-m, while those at manufacturers rose 1.1 percent m-o-m. At the same time, stocks at retailers decreased 0.9 percent m-o-m.

In y-o-y terms, business inventories surged 6.6 percent in June.