WASHINGTON — Wholesale inventories unexpectedly declined 0.2% in November, the first drop in inventories in 11 months, the Commerce Department reported Tuesday.
Wholesale sales increased 1.9% for the month. Sales increased 2.6% in October, revised up from 2.2%.
Economists expected inventories would rise 1.0% and sales would increase 1.5%, according to the median estimate from Thomson Reuters.
October’s wholesale inventories increased 1.7%, revised lower from a 1.9% increase reported last month. The decline in November wholesale inventories broke a string of increases dating back to December 2009.
Inventories of durable goods increased 0.3% and auto inventories increased 1.9%.
The inventories to sales ratio dropped to 1.15, matching the level last set in June. The ratio was 1.17 in October.
