Wholesalers Report Strong Sales
In February, the US wholesale industry has experienced an increase in sales and inventories, better than the earlier prediction of some economists and analysts.
Meanwhile, this development is expected to continue for the coming months.
Washington: The US wholesalers’ inventories and sales have significantly increased in February and better than the previous forecast made by analysts, according to a survey conducted by the Department of Commerce.
The agency said that inventories at the wholesale industry increased to 0.6 percent in February, higher than the 0.4 percent initial forecast. On the other hand, sales have increased for 11th consecutive month and settling to 0.8 percent during the same period.
In January, the inventory has also increased 0.1 percent. But on the same period, the industry’s sales jumped to 0.9 percent.
With such trend, economists believe that it will help the US economy on its way to recovery and stability while allowing businesses from different industries from restocking their shelves with more products.
Meanwhile, economists have projected that the overall growth in the wholesale inventories in the first quarter will settle above 3.5 percent. This growth is expected to continue as the private sector is expected to hire more workers for the coming months.
In 2008, the US has experienced the worst economic downturn since the 1930s. According to economists, the recession was caused by the housing collapse and credit crunch before spreading to labor markets and other industries.
According to reports, wholesalers first experienced back-to-back gains in October and November last year, before slightly dropping in December and then gaining its momentum again.
“With the liquidation of inventories, the wholesale industry has experienced a modest accumulation and growth”, the Economic Advisory Service said in a statement.
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