Inventories at the wholesale level fell 1.4% in July as sales increased 0.5%, the largest rise since June 2008, the Commerce Department reported Friday.

The drop in inventories follows a downwardly revised 2.1% drop in June — a record decline in monthly inventories. Inventories have declined for 11 consecutive months.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.