Sales Drop Biggest in 8 Months
Business sales fell 1.1% in February, the biggest drop in eight months, as American industry continued to be plagued by weak demand, the Commerce Department said today.
U.S. business sales totaled $427.2 billion in February, down $4.77 billion from January. It was the biggest fall in sales since a 1.7% plunge last June. While sales were falling, inventories held on shelves and back lots edged up 0.1% to $585.1 billion. The gain was attributed mainly to an increase in the backlog of unsold new cars.