US wholesale inventories rose in October

U.S. wholesale inventories rose by 0.6 percent in October to a seasonally adjusted $497.1 billion, the U.S. Census Bureau said Tuesday. Wholesale sales dropped 1.2 percent to $408.5 billion in October. Sales increased over October 2011, however, by 2.3 percent, the Commerce Department agency said in a release. Sales of petroleum and petroleum products dropped 5.7 percent, as sales of non-durable goods fell 1.4 percent percent month-to-month and rose 3 percent over 12 months. October sales of durable goods were down 0.9 percent from the previous month, after rising 0.8 percent in September. Durable goods sales were also up 1.5 percent from October 2011. Among durable goods, sales of vehicles fell 3.1 percent month-to-month while rising 9.1 percent in 12 months. The October inventories-to-sales ratio for wholesalers, seasonally adjusted, was 1.22, the bureau said. The October 2011 ratio was 1.17.