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US wholesale inventories rose the most in two years in July, a sign that merchants expect consumer demand to pick up.
Inventories rose 1.3% to $405.0 billion in July from the previous months upwardly revised levels, according to a report from the Commerce Department released Friday. Economists were expecting an increase of only 0.4%.
Inventories of farm product raw materials were up 11.6% from last month and inventories of apparel were up 4.1 percent.
Overall, stockpiles were up 2.5% compared to July of last year.
The monthly rise in inventories outpaced a modest increase in sales by wholesalers.
Wholesale sales were $350.1 billion, up 0.6 percent from the revised June level. Since July 2009, wholesale sales have climbed by 2.5%.
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