US business inventories nudge up in December

WASHINGTON, March 6 (Reuters) - U.S. business inventories edged up in December amid a ‌rebound in stocks at retailers, government data ‌showed on Friday.

Inventories increased 0.1% after being unchanged in ​November, the Commerce Department's Census Bureau said.

Inventories are a key component of GDP and one of the most volatile. The rise was ‌in line with ⁠economists' expectations.

Inventories advanced 1.6% on a year-over-year basis in December. The report ⁠was delayed by last year's shutdown of the federal government. The government last month reported ​that inventories ​declined in the ​fourth quarter for ‌the third straight quarter, though the pace of contraction slowed.

Inventories added 0.21 percentage point to the October-December quarter's 1.4% annualized growth rate.

Retail inventories rebounded 0.1% in December after dropping 0.4% ‌in November. Wholesale inventories ​gained 0.2% in December while ​stocks at ​manufacturers rose 0.1%.

Business sales increased 0.5% ‌in December after rising ​0.6% in ​November. Sales at retailers were unchanged. At December's sales pace, it would take 1.36 ​months for ‌businesses to clear shelves, down from 1.37 ​months in November.

(Reporting by Lucia Mutikani; ​Editing by Andrea Ricci)