Business Sales Fall 2.1%; 2nd Largest Decline on Record
From Associated Press
Business sales plunged 2.1% in June, the second-largest decline on record, the government reported today.
The Commerce Department said sales at the retail, wholesale and manufacturing levels plunged to $419.2 billion in June after rising 0.4% in May. All business segments were affected, it said.
The decline was second only to a 2.8% drop in March, 1975, Commerce Department analysts said.
The downturn resulted in business inventories rising 0.4% in June after a 0.4% May decline.
The bleak news on total sales came a day after the government reported that an advance report on retail sales for July showed only a 0.4% increase.
