Sept. wholesale inventories drop unexpectedly
Posted November 06, 2008 10:00 pm
WASHINGTON -- The government says wholesale inventories held by distributors fell in September, as companies cut stockpiles in the face of the economic slowdown.
The Commerce Department says inventories fell by 0.1 percent. Analysts had expected them to grow by 0.3 percent.
The department also says wholesale sales dropped sharply, by 1.5 percent, after a revised drop of 1.6 percent in the previous month.
The drop in inventories should help companies avoid being caught with excess supply as the economy slows further.
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