WASHINGTON — U.S. businesses slashed inventories more than expected in May, the ninth consecutive decline, as companies continued to trim stockpiles amid a severe recession.
The Commerce Department says inventories fell 1 per cent in May. Economists expected a 0.8 per cent drop.
Total business sales dipped 0.1 per cent in May, led by a 0.9 per cent drop in sales by manufacturers. Sales at the wholesale and retail levels actually posted gains in May.
More to come.
