WASHINGTON — U.S. wholesale inventories fell for a seventh straight month in March as sales returned to negative territory after posting a small gain in February, a government report released Friday showed.
Wholesale inventories fell 1.6 percent in March to a seasonally adjusted $411.7 billion, after falling a revised 1.7 percent during February, the Commerce Department’s report said.
The Department in a report released last month had estimated February inventories fell 1.5 percent. The February drop in inventories is the largest on record.
The March drop in inventories is more than the 1.2 percent decline analysts had expected and indicates wholesalers are drawing down inventories as shipments to retailers remain weak.
On a year-over-year basis, sales were down 18.1 percent in March, while inventories were down 3.5 percent.
