Wholesale Inventories fell by 1.4% in July, nearly double the expected decline of 0.7%, to $387.2 billion, following a decrease of 2.1% in June, revised downward from a reported 1.7% decrease.  Over the year, Wholesale Inventories are down by 12.8%.  This figure gauges sales and inventory statistics from the second stage of the manufacturing process, which may change the aggregate inventory profile that has influence on GDP forecast.  Wholesale Sales increased by 0.5% in July to $314.5 billion, and is down by 19.8% since July 2008.  The inventory/sales ratio now stands at 1.23 compared to 1.13 12 months ago as the rate of decline in inventories was slower than the decline in sales.

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