U.S. wholesale inventories down

Times Wire Services

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.