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A report released by the Commerce Department on Wednesday showed no change in U.S. business inventories in the month of March.

The report said business inventories were virtually unchanged in March after rising by 0.3 percent in February. Economists had expected inventories to be unchanged.

Business inventories came in flat as a 0.4 percent increase in manufacturing inventories was offset by a 0.3 percent drop in retail inventories and a 0.1 percent dip in wholesale inventories.

Meanwhile, the Commerce Department said business sales surged up by 1.6 percent in March following a 0.2 percent uptick in February.

Wholesale and retail sales surged up by 2.3 percent and 1.8 percent, respectively, while manufacturing sales climbed by 0.7 percent.

With inventories unchanged and sales spiking, the total business inventories/sales ratio fell to 1.37 in March from 1.39 in February.