Wholesale Inventories Decline 1.1%

Wholesale inventories fell 1.1% in October, the largest drop in seven years, the Commerce Department said Wednesday.

The decline followed a revised 0.4% decrease in September, Commerce said.

Sales decreased 4.1%, the most since records began in 1992.

The inventory reading was lower than the 0.2% decrease forecast by economists, Bloomberg reported.

Wholesale inventories account for about a fourth of total business stockpiles, while retailers and factories account for the rest.