Business inventories slid 0.7% in November to $1.485 billion following an unrevised 0.6% decrease in October to $1.496 billion, according to Commerce Department data released yesterday.
Thomson Reuters had projected that business inventories would be off 0.5% in the month. Overall inventories were 3.3% above the November 2007 level, Commerce said.
Meanwhile, overall business sales decreased 5.1%, bringing the category to $1.057 billion. The November figure followed a revised 3.9% decrease in October, originally reported as a 2.4% drop.
