Republished December 09, 2015 - 9:32 AM
Original Publication Date December 09, 2015 - 7:10 AM
WASHINGTON - Wholesale businesses trimmed their stockpiles slightly in October while sales were flat, possible signs of modest growth this quarter.
The Commerce Department says wholesale inventories slipped 0.1 per cent following a 0.2 per cent rise in September. Sales were unchanged in October after a 0.5 per cent increase a month earlier.
An effort on the part of businesses to align their stockpiles with weaker sales dampened economic activity in the summer. That slowed overall growth, as measured by the gross domestic product, to an annual rate of 2.1 per cent in the third quarter after GDP expanded 3.9 per cent in the spring.
The drop in wholesale inventories in October could mean that inventory reductions will drag growth this quarter as well. Some analysts are forecasting a 2 per cent GDP gain.
News from © The Associated Press, 2015