The Commerce Department announced on Thursday that business inventories increased 0.5 percent m-o-m in July, following a revised 0.9 percent m-o-m gain in June (originally a 0.8 percent m-o-m jump).

This was in line with economists’ forecast for a 0.5 percent m-o-m gain and marked the 13^th consecutive monthly gain in business inventories.

According to the report, inventories at wholesalers rose 0.6 percent m-o-m, while those at manufacturers increased 0.5 percent m-o-m and at retailers went up 0.4 percent m-o-m.

In y-o-y terms, business inventories surged 7.2 percent in July.