WASHINGTON — U.S. wholesale companies added modestly to their stockpiles in May. But sales at the wholesale level dropped by the largest amount in three years, a troubling sign for future growth.
The Commerce Department said Wednesday that wholesale stockpiles rose 0.3 percent in May. That followed a 0.5 percent increase in April, which was revised lower from an initially reported 1.1 percent gain.
But sales at the wholesale level fell 0.8 percent in May, the biggest decline since March 2009.
Greater restocking means companies ordered more goods, which increases factory production. But the broader economic benefits from faster restocking were likely offset by the decline in sales, which could prompt wholesalers to restock more slowly in the coming months.
Stockpiles at the wholesale level stood at $484.1 billion in May. That is 25.8 percent above the post-recession low of $384.9 billion in September 2009.
The May increase reflected gains in stockpiles of autos, computer equipment, drug products and clothing.
It would take about five weeks to exhaust stockpiles at the May sales pace. That's considered a healthy timeframe.
Steven Wood, chief economist at Insight Economics, said stockpiles remain lean and should add modestly to growth in the April-June quarter.
The economy grew at a tepid 1.9 percent annual pace in the January-March quarter, down from 3 percent annual growth at the end of last year. A key reason for the winter slowdown was that companies restocked more slowly. Nearly two-thirds of the economic growth at the end of last year came from a surge in restocking.
Most economists don't expect much pickup in growth in the April-June quarter, while some predict growth slowed.
High unemployment and meager pay raises have made consumers more cautious about spending. Consumer spending, which drives roughly 70 percent of economic activity, was flat in May.
Wholesale stockpiles account for about 27 percent of total business inventories. Stockpiles held by retailers make up about one-third of the total and manufacturing inventories represent about 40 percent.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Back down to earth! Wimbledon is a world away as Andy Murray and Kim Sears go grocery shopping (but it's STILL raining on him) - Daily Mail
|
Just three days ago Andy Murray was battling it out at Wimbledon with one of the best tennis players the world has ever seen.
But last night, it was back to business as usual for the tennis hero as he spend the afternoon grocery shopping with his girlfriend Kim Sears.
Dressed in a hooded top and tracksuit bottoms, the only thing that marked him out as an international superstar was the moment a passerby stopped the player for a chat and asked him to sign an autograph - which he did with great pleasure.
Raining again? The heavens open as the two make their way to their car after a shopping trip to Wholefoods on Kensington High Street in West London
Downcast: Andy looked fed up to have yet another day blighted by the British weather, after rain stopped play in so many of his Wimbledon matches - including his final with Roger Federer
Can't someone put the roof up? There's no salvation for Murray his time, as he gets soaked in the deluge
The two went on to pay a visit to upmarket grocery store Wholefoods on West London's Kensington High Street, where they browsed the aisles before buying some sushi from the Japanese food counter.
But as they left the store, there would no doubt have been a sense of deja-vu as the heavens opened - and 25-year-old Andy and Kim, 24 were forced to run for cover.
Andy drew his hooded top up around his face, and Kim attempted to shelter under her Wholefoods carrier bag as they made a dash back to their car.
Running for cover: Kim tries vainly to keep the rain off her face using her purse and paper carrier bag
Welcome to the British summer! Kim bears the brunt of our pitiful weather
The runner-up looked fed up to have yet another day blighted by the British weather, after rain stopped play in so many of his Wimbledon matches - including his final with Roger Federer.
Indeed, some put his Swiss opponents strong comeback in the men's final on Sunday down to the fact that the roof came up over Centre Court when the rainfall began, giving Federer, who is more comfortable playing indoors, a further advantage over the British hopeful.
Back to reality: Before the downpour, Kim Sears and Andy Murray headed to Wholefoods to pick up some groceries
Feeling hungry? Andy dashes ahead as the two make their way towards upmarket food store Wholefoods to pick up supper
In style: Her Wimbledon uniform of skinny jeans and stylish top made an appearance
Refuelling: The tennis ace picked up some sushi from the Japanese counter
Stocking up: The two leave with bags filled with healthy Japanese food
US Wholesale Inventories Rise In May, Sales Fall By The Most In 3 Years - International Business Times
Follow us
Inventories of durable goods, such as machinery, automobiles and furniture, increased 0.6 percent in May.
Sales at wholesalers fell 0.8 percent in May, held back by a 4.7 percent decline in petroleum sales. That was the sharpest drop for both readings since March 2009.
Enough goods were kept on hand by the wholesalers to last 1.18 months at the current sales pace in May, the highest reading since July 2011.
To report problems or to leave feedback about this article, e-mail:
To contact the editor, e-mail:
Wholesale Sports Announces Spokane Grand Opening - msnbc.com
SPOKANE, WASHINGTON — Wholesale Sports Outdoor Outfitters (WSS), one of the Pacific Northwest's largest retailers of hunting, fishing and camping gear announced the grand opening of its Spokane store at its new location in the NorthTown mall at 9:00 a.m. on Friday, July 20, 2012.
"We're extremely excited to open the doors at our new location and show our customers the new look of Wholesale Sports in Spokane," said Glenn Bingley, WSS Chief Operating Officer. "We've made significant changes to the look and feel of our store that make it more consistent with the Wholesale Sports brand and create a much better shopping experience for our customers."
According to Bingley, the grand opening weekend will feature outstanding deals on hunting, fishing and camping gear all through the store. "We've been gearing up for this grand opening event for a long time. This is the first store in the US that we have converted to the new format and we really want to make it a celebration - prices this weekend will reflect that. In addition to the sale pricing and some great door crasher specials we'll also have over $20,000 of giveaways and draws throughout the weekend."
"Our Spokane Valley location was closed at the end of June in anticipation of this grand opening at our new NorthTown location," explained Bingley. "We've had people working almost round the clock since mid-April. Everyone - our store associates, our merchandising team, the contractor and trades people, our vendor partners -- has worked really hard and pulled together to get us ready for this grand opening. Needless to say, we're all really thrilled to see it come together."
Grand opening events will continue throughout the weekend. Regular store hours are 9:00 a.m. - 9:00 p.m. Monday - Saturday and 10:00 a.m. - 6:00 p.m. on Sundays.
Wholesale Sports Outdoor Outfitters is a wholly-owned subsidiary of Calgary-based, UFA Co-operative Limited. With 11 stores in western Canada and 14 US locations in the Pacific Northwest, WSS is a multi-channel retailer dedicated to the sportsmen and women who have a passion for hunting, camping and fishing and a love of the great outdoors. Our customers recognize WSS as the best place to purchase quality gear, get expert advice and share the obsession of being in the woods, on the water or on the trail.
© Marketwire 2012
He just looks like a local thug. Anyway, maybe next year...
- Andrew, Winchester, 11/7/2012 17:22
Report abuse