Friday, February 27th1.1°C
25154
23613

US wholesale stockpiles up 1.1 per cent in March as sales climb by largest amount in 10 months

WASHINGTON - U.S. wholesale businesses increased their stockpiles in March by the largest amount in five months while sales increased at the fastest clip in 10 months.

Wholesale stockpiles rose 1.1 per cent in March after a 0.7 per cent gain in February, the Commerce Department reported Friday. It was the ninth consecutive monthly gain and the largest increase since a 1.2 per cent rise in October.

Sales at the wholesale level were up 1.4 per cent, the best showing since a 1.9 per cent rise in May 2013.

The sizable gain in sales should encourage businesses to keep restocking their shelves to meet rising demand. That will mean increased orders to factories and rising production which would boost economic growth.

In the January-March quarter, the economy slowed to a barely discernible growth rate of 0.1 per cent after growth of 2.6 per cent in the October-December quarter. A slowdown in inventory building subtracted 0.6 percentage point from first quarter growth.

But economists expect the drag from a slowdown in inventory building will ease in the second quarter. The big rise in March inventories supports that view, indicating that there was growing momentum headed in the second quarter.

Many analysts are looking for growth to easily top 3 per cent in the second quarter with the most optimistic saying the economy may surge to growth above 4 per cent, reflecting pent-up demand from consumer spending that was delayed during the harsh winter.

Analysts think that growth will hold above 3 per cent in the second half of this year. If that forecast proves accurate, it would mean the country will enjoy the strongest year for the economy since 2005, two years before the Great Recession hit.

The Canadian Press


Read more Business News

24497


Recent Trending




Today's Market
S&P TSX15328.88+87.72
S&P CDNX703.68+2.75
DJIA18191.11-23.31
Nasdaq4980.837-7.053
S&P 5002110.68-0.06
CDN Dollar0.7997+0.0006
Gold1203.00+6.10
Oil51.42+1.03
Lumber295.50+0.50
Natural Gas2.895-0.007

 
Okanagan Companies
Pacific Safety0.12+0.005
Knighthawk0.010.00
QHR Technologies Inc1.55-0.03
Cantex0.035-0.005
Anavex Life Sciences0.19+0.001
Metalex Ventures0.035-0.005
Russel Metals25.66+0.36
Copper Mountain Mining1.29+0.03
Colorado Resources0.15+0.015
ReliaBrand Inc0.0087+0.0017
Sunrise Resources Ltd0.05+0.015
Mission Ready Services0.215+0.005

 



24153

FEATURED Property
12147692873 sulmmerview place
5 bedrooms 3 baths
$539,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Creating your retirement vision

A vision means different things to different people. To the head of a large corporation, it’s the ability to chart a course that will deliver success (think Steve Jobs and Apple), to a shaman, i...


Are you asking the right questions?

Have you ever had this happen to you? You are in the middle of your second or third good discussion with a prospect and everything seems to be going great. The prospect seems engaged and happy to work...


It's OK to say 'I'm sorry'

Photo: ContributedStand-up comedians and sitcoms have been making fun of Canadians for being polite as long as I can remember. Being known for our niceness is certainly not a bad thing and I wish more...

_








Member of BC Press Council


24222