Wholesale Trade Steady

Wholesale inventories fell a sharp 0.4 percent in September against no change for wholesale sales, a mismatch not significant enough to change the stock-to-sales ratio which holds unchanged at 1.36. Sales at wholesalers, likely reflecting trade-related slowing in manufacturing, have been flat this year and were down a year-on-year 0.6 percent from September last year, with sales of durables down 1.4 percent on sharp contraction in both metals and electrical equipment.