BUSINESS

US wholesalers boost stockpiles 0.6 pct. in November, sales rise at fastest pace in 20 months

01/10/2013 10:10 EST | Updated 03/12/2013 05:12 EDT
WASHINGTON - U.S. wholesalers boosted their stockpiles in November and their sales rose at the fastest pace since the spring of 2011, encouraging signs for economic growth.

The Commerce Department says wholesale business stockpiles rose 0.6 per cent in November compared with October, when inventories had risen just 0.3 per cent.

Sales in November surged 2.3 per cent, rebounding from a 0.9 per cent decline in October. It was the biggest one-month sales gain since March 2011.

More restocking leads to more factory production, which boosts economic growth. Faster restocking helped the economy grow at a 3.1 per cent rate in the summer.

With the November increase, wholesale inventories grew to $498.9 billion. That's 29.6 per cent above the post-recession low hit in September 2009.