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Wholesalers cut their inventories again in July, continuing a process that has been going on for almost a year.
Sales picked up a bit, as retailers have been regaining their footing after struggling through the weak economy of the last year. Still, there remains some reluctance to send more orders to manufacturers, as the economic outlook remains murky.
The U.S. Commerce Department revealed that wholesale inventories dropped 1.4 percent in July, the 11th consecutive month of declines. This moderated a bit after a downwardly revised 2.1 percent slide in June.
Wholesale sales advanced 0.5 percent, stretching a streak of gains to 4 months. This marked the biggest gain since June of last year.
The inventory to sales ratio ticked down to 1.23 in the month, meaning that it would take 1.23 months to use up the current stock. The ratio stood at 1.25 in June and at 1.13 in July of last year.
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