The Commerce Department released a report on Wednesday showing a modest decrease in business inventories in the U.S. in the month of March.

The report said business inventories edged by 0.1 percent in March after climbing by 0.3 percent in February. The dip matched economist estimates.

The slight decrease by business inventories came as wholesale inventories fell by 0.4 percent in March after rising by 0.2 percent in February.

Meanwhile, retail inventories rose by 0.2 percent in March after increasing by 0.3 percent in February and manufacturing inventories inched up by 0.1 percent in March after climbing by 0.3 percent in February.

The Commerce Department said business sales also edged down by 0.1 percent in March following a 1.4 percent jump in February.

Wholesale sales led the way lower, tumbling by 1.3 percent in March after surging by 2.0 percent in the previous month.

On the other hand, retail sales advanced by 0.8 percent for the second straight month, while manufacturing sales rose by 0.3 percent in March after jumping by 1.3 percent in February.

With inventories and sales both edging slightly lower, the total business inventories/sales ratio came in unchanged from the previous month at 1.37.