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NS child killer Penny Boudreau and the path to eventual release | SaltWireWASHINGTON - U.S. wholesale inventories fell for a sixth straight month in August, but the pace of decline slowed amid a surge in sales.
Inventories are a key part of gross domestic product. They dropped 1.0% on a year-on-year basis in August. Growth estimates for the third quarter are as high as a 4.9% annualized rate. The economy grew at a 2.1% pace in the April-June quarter. Businesses are carefully managing inventory amid expectations of weaker demand because of higher interest rates.
There were decreases in wholesale stocks of furniture, computer equipment, metals, apparel, paper and drugs, chemicals as well as electrical products. But stocks of hardware rose as did those of machinery, petroleum and groceries.
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