Bloomberg.com: U.S.: "Jan. 14 (Bloomberg) -- Inventories at U.S. businesses fell for a third straight month in November as companies tried to keep up with plunging demand, a government report showed.
The value of unsold goods at factories, retailers and wholesalers fell 0.7 percent, more than forecast, following a 0.6 percent decline in October, the Commerce Department said today in Washington. Sales dropped 5.1 percent, the most since records began in 1992.
Businesses had enough goods on hand in November to last 1.41 months at the current sales pace, the most since 2001. A decline in sales at the end of the year, also reported by Commerce today, indicates companies will need to continue to cut stockpiles in coming months.
“We’re not getting inventories down enough” given how quickly sales are falling, said Stephen Gallagher, chief U.S. economist at Societe Generale in New York, in a Bloomberg Television interview. “It is going to lead to production cuts in the early part of this year.”"
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Wednesday, January 14, 2009
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