WASHINGTON – U.S. business inventories fell for the tenth straight month in November and sales also declined, the government said on Wednesday.
Inventories at U.S. businesses fell 1.0 percent in November after a revised 1.6 percent fall in October, the Commerce Department said. The fall was slightly steeper than the 0.9 percent decline expected by analysts.
Total business sales also fell, posting a drop of 1.4 percent compared with a revised rise of 2.8 percent the previous month. Retail sales plunged 3.4 percent, the biggest drop since records began in 1992, following a 6.9 percent rise in October.
The stock-to-sales ratio was unchanged at 1.39 months.
Inventories at manufactures fell 0.9 percent and stocks at retailers posted a decline of 1.0 percent. Inventories at motor vehicles and parts dealers were down 1.9 percent following a record 8.9 percent drop in October.
Sales at manufacturers dropped 0.6 percent after a rise of 2.3 percent in the previous month.
Get all the stories you need-to-know from the most powerful name in news delivered first thing every morning to your inbox