Wholesale Inventories Up, Top Estimate

WASHINGTON D.C. ( TheStreet) -- Wholesale inventories for November were up by 1.5%, beating a Thomas Reuters economists' forecast of a 0.2% dip from the October inventories level. The economist estimate on November sales was also lower than the reality, with a gain of 3.3%, versus an expected marginal rise of 0.9%.

The better-than-expected wholesale report was set against the worse-than-expected job numbers that were released on Friday morning, which had sent both the S&P 500 and DJIA down in early trading.

Economists had predicted the drop in inventories because the November gain of 0.3% was the first gain in 13 months. The inventory spike was still 11% lower than the year ago level.

However, November sales were up 0.6% versus the year ago level. What's more, in contrast to the long decline in wholesale inventories before the October-November period, November was the eight-straight month that sales had risen.

Inventories and sales of farm products far outpaced the gains in other sectors, up close to 30%, while petroleum products had the second-largest gains, of 7%.

-- Reported by Eric Rosenbaum in New York.

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