U.S. wholesale inventories down

Wholesale inventories held by distributors fell in September as companies cut stockpiles in the face of the economic slowdown.

The Commerce Department said inventories fell by 0.1%. Analysts had expected them to grow by 0.3%, according to Thomson Reuters. The department also revised August’s reading down to a 0.6% increase from 0.8%.

Wholesale sales also dropped in September, by 1.5%, the department said, after a revised 1.6% decline the previous month.