U.S. wholesale inventories in November rose slightly more than first thought, posting their largest gain in two years and suggesting inventory investment would again support economic growth in the fourth quarter.
Figures released Tuesday by the U.S. Commerce Department revealed that wholesale inventories rose 1% after slipping 0.1% in October. The jump proved the largest increase since November 2014. The department reported last month that wholesale inventories rose 0.9% in November.
The component of wholesale inventories that goes into the calculation of gross domestic product - wholesale stocks excluding autos - increased 0.7% in November.
Inventory investment contributed half a percentage point to the stateside economy's 3.5% annualized growth rate in the third quarter. Inventories had weighed on gross domestic product growth since the second quarter of 2015.
