WASHINGTON — U.S. wholesalers increased inventories only a little and job openings declined during November, according to fresh data on the economy that suggested a wavering in its strength.
The Commerce Department on Tuesday reported wholesale inventories rose 0.1 percent, a sign companies might have been having some misgivings about demand as the holiday shopping season progressed.
Sales in November were solid, rising 0.6 percent. But the tiny inventory increase came in far below expectations — economists surveyed by Dow Jones Newswires had forecast a 0.6 percent increase. It suggested businesses were uncertain about spending and reluctant to load up too much on goods in the event demand turned out to be not so robust.
A separate report Tuesday showed the International Council of Shopping Centers and Goldman Sachs Retail Chain Store Sales Index dropped 5.4 percent in the week ending Saturday from the week before on a seasonally adjusted basis. That marked the largest week-over-week decline since September 1989. The trade group said unseasonable warmth intensified the traditional post-holiday sales slowdown.
The Labor Department on Tuesday reported the number of job openings in November declined a bit, to 3.16 million from 3.22 million.
“This morning’s data implies that the economy is beginning to lose upside momentum,” Mizuho Securities economist Steven Ricchiuto said. “The wholesale data also shows that inventory accumulation stalled in November.”
Wholesalers hold about 30 percent of all business inventories in the U.S., with manufacturers and retailers making up the rest.
The small gain in November wholesale inventories followed a 1.2 percent surge in October inventories.
