Market Commentary and Intraday News
News Summary: US wholesale stockpiles rise
622 days agoFREE Webinar On Friday - Powerful Fibonacci Patters
- How to spot Wave Patterns you'd easily miss without Fibonacci tools.
- How to forecast, find, and trade retracement & extension points for potentially higher profits.
- Secrets of how to use Time & Volume to find hidden opportunities in the market.
- Secrets of Japanese Candlestick every Fib Trader should know.
By The Associated Press
STOCKING UP: U.S. wholesalers boosted their stockpiles by 1.2 percent in January, the largest amount in 13 months even though their sales dropped 0.8 percent.
LUMBER JACK: The rise in stockpiles was led by a 3.4 percent gain in lumber inventories, a sign that building supply stores are expecting increased home construction. Stockpiles of furniture rose 0.9 percent in January. But farm inventories slipped 1.5 percent.
THE TAKEAWAY: Increased stockpiling supports economic growth by triggering greater factory production. Many economists believe improved inventory building will help lift economic growth to a faster pace of around 2 percent in the January-March period.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.