WASHINGTON — Businesses added to their stockpiles for a 16th consecutive month in April. But their sales grew at the slowest pace in 10 months, supporting other data that show the economy weakened this spring.
Supply levels grew 0.8 percent in April and sales rose for a 10th straight month, the Commerce Department said Tuesday. But the 0.1 percent sales increase was the smallest since sales fell 0.5 percent in June of last year.
Economists said the decline in sales growth was not a concern because the ratio of inventories to sales remains at historically low levels. It would take only 1.26 months to exhaust current stockpiles at the April sales pace. That compares with a high of 1.48 months hit in early 2009 when sales were plunging during the recession.
For April, stockpiles held by manufacturers rose 1.3 percent. Inventories held by wholesalers rose 0.8 percent. The Associated Press
