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U.S. wholesalers continued liquidating their inventories in September, with stocks falling for the 13th consecutive month and sales increasing for the fifth straight month, Commerce Department Data showed on Friday.
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David Maung / AP Wholesale inventories fell for the 13th straight month. |
The drop in inventories, 0.9 percent, was smaller than the 1 percent decline analysts polled by Reuters expected. August's drop remained unrevised at 1.3 percent.
Sales rose a stronger-than-expected 0.7 percent in September after increasing 1.1 percent in August, which was previously reported as 1 percent.
The shrinking stocks pushed the inventory-to-sales ratio, or a measure of how long it would take to sell off stocks at the current pace, down to 1.18 months' worth from 1.20 months' in August. That was the lowest since a matching 1.18 months' last September.
The hope is steadily rising sales will encourage businesses to begin restocking shelves, a move that would boost production and bolster an economic recovery. But worries persist that consumer spending, which accounts for 70 percent of economic activity, could falter as various government stimulus programs begin to wane and unemployment keeps surging.
—AP contributed to this report
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Data is a real-time snapshot *Data is delayed at least 15 minutes