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U.S. markets recover from steep losses
WASHINGTON, Dec. 9 (UPI) -- Merchant wholesale trade sales rose 1.2 percent in October from September while inventories rose slower, up 0.3 percent, the U.S. Census Bureau said.
Trade sales, down 9.6 percent from a year ago, rose to $326.2 billion. Inventories, down 13.5 percent from a year ago, were at $379.6 billion at the end of the month, the bureau said Wednesday.
With sales rising faster than inventories, economists forecast businesses will increase production in the short term. Automobile sales were up 3.3 percent from September, while inventories in the sector rose 1.7 percent.
The Census Bureau said it would now take 1.16 months to sell the inventory wholesalers have built up, down from 1.17 months in September and from 1.22 months a year ago.
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