|
Joel Naroff, chief economist at Naroff Economic Advisors, said that some of the reduction in wholesale stockpiles might have been involuntary, as businesses underestimated sales demand and had to draw down stockpiles more than they had expected. He said that with auto sales remaining strong, inventory gains should rise in the coming months and help support economic growth in the second half of the year. In June, stockpiles at the wholesale level were $499.7 billion. That's up only 2.9 percent from a year ago but 29.3 percent higher than the recession low in 2009. Auto stockpiles fell 1.5 percent in June from May, while inventories of metals such as steel declined 0.4 percent. The sales gain was led by a 1.5 percent increase in furniture and a 0.5 percent rise in auto sales
[Associated
Press;
Copyright 2013 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.