WASHINGTON — Wholesale inventories declined 0.8% in December, the first decrease in two months, contrary to economists’ expectations of an increase, the Commerce Department reported today.
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Wholesale sales increased 0.8% as durable goods sales increased 3.0%.
Economists polled by Thomson Reuters expected inventories to increase 0.5% and for sales to increase 1.0%, according to the median estimate.
Wholesale inventories of durable goods declined 1.1% and auto inventories fell 2.5%. But inventories of computer equipment increased 6.6%.
Inventories for November were revised higher to a 1.6% increase from 1.5% reported last month. Inventories increased in October and November breaking a streak of 13 monthly declines.
