Wholesale Inventories Rose in July

U.S. wholesalers’ inventories rose 0.3% in July, for the 18th consecutive monthly increase, the government said in a report suggesting businesses may still expect consumer spending to remain strong. Wholesale sales fell 0.3%, the biggest decline since an 0.6% drop in January 1999, the Commerce Department said. Separately, the Labor Department said the number of new jobless applications edged down by 3,000 to 316,000 in the week ended Sept. 2 from the previous week. The less volatile four-week moving average rose by 4,250 to 317,500, the highest level since 329,000 in the week ended Jan. 23, 1999.