WASHINGTON -- U.S. wholesalers boosted their stockpiles in November and their sales rose at the fastest pace since the spring of 2011, encouraging signs for economic growth.
The Commerce Department says wholesale business stockpiles rose 0.6 percent in November compared with October, when inventories had risen just 0.3 percent.
Contact information ( * required )
Sales in November surged 2.3 percent, rebounding from a 0.9 percent decline in October. It was the biggest one-month sales gain since March 2011.
More restocking leads to more factory production, which boosts economic growth. Faster restocking helped the economy grow at a 3.1 percent rate in the summer.
With the November increase, wholesale inventories grew to $498.9 billion. That's 29.6 percent above the post-recession low hit in September 2009.