WASHINGTON – Business inventories declined 0.4% in September, the 13th consecutive monthly drop, the Commerce Department reported today.
The August inventories decline was revised lower to a 1.6% drop from the 1.5% decrease initially reported.
Economists expected business inventories to fall 0.7% in September, according to the median estimate provided by Thomson Reuters.
Total business sales declined 0.3% for the month, the first decline since May.
The inventory-to-sales ratio was 1.32, unchanged from August and equal to the ratio in September 2008.
Retail inventories increased 0.6% for the month as motor vehicle and parts inventories increased 3.8%. Motor vehicle sales sank 14.3%.
Manufacturing inventories declined 1.0% and merchant wholesaler inventories dropped 0.9%.
