Wholesale Inventories Drop By Most In 17 Years

That rebound is helping bring inventories down. Automotive wholesale sales increased 3.7 percent in February, the largest jump since March 2008 and reversing a 6.4 percent drop the previous month. The auto inventories-to-sales ratio fell for the first time in over a year to 2.1, from 2.37 in January, Whelan said. Still, that compares with a ratio of 1.55 in February of 2008.

Companies in a range of industries are taking steps to clear out their warehouses and back lots. Goodyear Tire & Rubber Co. Chief Executive Robert Keegan said Tuesday the company plans to cut inventories 14 percent this year.

Wireless semiconductor company RF Micro Devices Inc. said Monday it cut inventories in the final quarter of last year to cope with slowing sales.