The report also highlighted that durable goods inventories increased by 0.2%, with computer equipment and automotive contributing to this gain. However, nondurable goods inventories decreased by 1%, with the largest drops seen in farm products and apparel. David Gottlieb, chief revenue officer at Trax, discussed the company's solution to address the gap in manufacturers' visibility into retailer's individual store inventories using proprietary image recognition and machine learning algorithms.
Key takeaways:
- The U.S. Census Bureau revised its wholesale inventories estimate for January downward by 0.3%, a larger drop than the previously reported 0.1%.
- Wholesale inventories totaled $895.1 billion at the end of January, a decrease of 2.5% compared to January 2023.
- Durable goods inventories increased by 0.2%, with computer equipment and automotive contributing to the gain, while nondurable goods inventories decreased by 1%.
- Trax, a company that uses image recognition and machine learning algorithms, collects and analyzes real-time, in-store data points from high-traffic shoppers via a mobile app to help manufacturers understand inventory at individual retail stores.