Report: U.S. wholesale inventories declined 0.7% in January

03/10/2009 | Reuters ·

U.S. wholesale inventories dropped 0.7% in January for the fifth month in a row, according to a report from the Commerce Department. Last month, government data revealed a 6.2% contraction in the economy for the fourth quarter, marking the steepest decline since 1982. "Sales are falling faster than wholesalers can reduce inventories," said Kim Whelan, an economic analyst at Wachovia.

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