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US wholesale inventories drop 0.5% in October from September

U.S. wholesale inventories dropped 0.5% in October from September, but were up 3.9% from a year ago, the U.S. Census Bureau said.

Total inventories of merchant wholesalers, except manufacturers' sales branches and offices, dropped to a seasonally adjusted $605.3 billion at the end of October from the revised figure of $608.3 billion for September.

Sales of merchant wholesalers increased 0.7% to a seasonally adjusted $484.6 billion in October from revised $481.2 billion in September and were up 8.4% from a year earlier. September's percentage change was revised to a 1.4% growth from a 1.3% growth.

The inventories-to-sales ratio was 1.25 in October, compared with 1.30 in October 2016.