Ahead Of The Bell: Wholesale Inventories

But October's retail sales results were the best since April 2008, according to a report by the International Council of Shopping Centers-Goldman Sachs. Sales at stores open at least a year rose 2.1 percent, compared with a 4.2 percent drop in October 2008. The October results beat estimates for a 1 percent gain and followed a surprising 0.6 percent increase in September.

Sales at stores open at least a year are considered a key indicator of a retailer's health. Bright spots included Costco Wholesale Corp.; TJX Cos., which operates T.J. Maxx and Marshalls; and Gap Inc. Sales at most teen merchants were weak.

Wholesale inventories are goods held by distributors who generally buy from manufacturers and sell to retailers. They make up about 25 percent of all business stockpiles. Factories hold another third of inventories and retailers hold the rest.

The decline in inventories is the longest stretch on government records that date to 1992. The previous record was nine straight declines during a period that covered the nation's last recession in 2001.

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