US wholesale inventories decline
US wholesale inventories posted a month-to-month decline in February while sales rebounded, US Commerce Department said.
Inventories at the wholesale level fell 0.3 percent in February from the previous month to USD 501.4 billion, but were up 4.7 percent from the same month a year ago. It had a 0.8 percent gain in January, reported Xinhua.
Sales at the wholesale level rose 1.7 percent to USD 422.5 billion, following a 0.8 percent decline in January.
Changes in business inventories is a key component of the changes in gross domestic product. Economists hold that wholesale sales increase is a good sign for economic recovery, as personal consumption accounted for about 70 percent of the total economic activity in the world's largest economy.
(Posted on 10-04-2013)