US business inventories rise in November

U.S. business inventories rose slightly more than expected in November and figures for the prior month were revised higher, suggesting that an anticipated drag from inventory investment on economic growth in the fourth quarter would be modest.

The Commerce Department said on Friday business inventories increased 0.4 percent. October data was revised to show inventories unchanged instead of the previously reported 0.1 percent dip.

Economists polled by Reuters had forecast inventories, a key component of gross domestic product, rising 0.3 percent in November. Retail inventories rose 0.1 percent in November as
previously reported in an advance report last month. Retail inventories were unchanged in October.