Wholesale Inventories Drop By Most In 17 Years

CHRISTOPHER S. RUGABER

WASHINGTON (AP) — U.S. wholesalers cut their inventories in February by the steepest amount in more than 17 years, while sales rose for the first time since the summer, encouraging signs that companies may be getting their inventories under control.

The Commerce Department said Wednesday that wholesale inventories dropped 1.5 percent in February, the most on records dating to January 1992 and more than double analysts' expectations.

Sales at the wholesale level rose 0.6 percent, the first increase since June and a sharp reversal from January's revised 2.4 percent drop. That shows retailers and other businesses have begun to replenish their supplies. ...