News Summary: US wholesale stockpiles up

News Summary: US wholesale stockpiles up in October but sales down

Associated Press

INVENTORIES UP: U.S. wholesale businesses increased their stockpiles by 0.6 percent in October to $497.1 billion. That is nearly 30 percent higher than the low hit in September 2009 as the country was struggling to emerge from a deep recession.

SALES DOWN: Sales at the wholesale level fell 1.2 percent in October, providing a mixed sign about the economy.

OUTLOOK: More restocking leads to more factory production, which boosts economic growth. But the slower sales in October could force companies to cut back on restocking in coming months.

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