U.S. Oct wholesale inventories, sales up strongly

WASHINGTON, Dec 9 (BestGrowthStock) – U.S. wholesale sales climbed
at the sharpest rate in seven months during October and
inventories kept rising strongly, according to a government
report on Thursday that suggested optimism about a healthy
holiday shopping season.

The Commerce Department said wholesale sales rose 2.2
percent to a seasonally adjusted $362.1 billion — far ahead
of Wall Street expectations – following a 0.5 percent
September gain.

Inventories were up 1.9 percent in October to $427.1
billion after a 2.1 percent rise.

Economists surveyed by Reuters had predicted wholesale
sales would rise modestly by 0.6 percent and that inventories
would increase 0.9 percent.

The stronger -than-expected October inventory and sales
data may imply that wholesalers were preparing for a strong
sales season in the critical Thanksgiving-through-Christmas
period when retail business typically picks up.

The inventory-to-sales ratio that measure how long it would
take to deplete stocks at the current sales pace was unchanged
at 1.18 months’ worth in October.

(Reporting by Glenn Somerville, editing by W Simon )

U.S. Oct wholesale inventories, sales up strongly