Business inventories increased 0.4% in July.
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The Commerce Department said the increase followed an identical 0.4% rise in June. Overall, however, July’s business sales posted a healthy 0.7% increase, the department reported. Inventories on shelves and in back lots rose to a seasonally adjusted $591.35 billion in July. July’s business sales totaled $428.55 billion. Much of the inventory rise in both June and July came from rising levels of unsold cars.
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