US wholesale stockpiles up 0.1 percent in July
Source: AP-EXCITE
By MARTIN CRUTSINGER
WASHINGTON (AP) — Stockpiles held by U.S. wholesale businesses edged up in July by the smallest amount in a year while sales rose at a healthy clip.
Wholesalers increased their inventories by a slight 0.1 percent in July after a stronger 0.4 percent increase in June, the Commerce Department reported Wednesday. It was the smallest gain since a 0.1 percent increase in stockpiles in July 2013.
Sales rose a solid 0.7 percent in July, up from 0.4 percent in June. The latest increase matched the May gain.
The July slowdown in inventory growth was expected to be temporary given the strength in sales during the month. That gain will likely spur wholesalers to resume faster restocking of store shelves to meet rising demand. Increasing orders to restock lifts factory production and overall economic growth.
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FILE- In this Monday, July 30, 2012 file photo, Dave Krepco, director of the Second Harvest Food Bank, checks on inventory at the food bank warehouse in Orlando, Fla. The Commerce Department reports on wholesale stockpiles and sales in July. The report will be issued Wednesday Sept. 10, 2014. (AP Photo/John Raoux, File)
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