WASHINGTON (Business News) - Inventories at wholesalers barely rose in November and growth in the prior month was revised lower, suggesting the economy did not get as big of a boost as expected from companies restocking their shelves in recent months.
Wholesale inventories climbed 0.1 percent, the Commerce Department reported on Tuesday, falling short of analysts' expectations of a 0.5 percent gain.
In the report, the government also lowered its estimate for inventory growth in October to 1.2 percent from 1.6 percent.
Business inventories fell during the third quarter, putting a drag on economic growth. Restocking by businesses was expected to help keep factories busy in the fourth quarter, supporting economic growth.
But Tuesday's data could lead economists to pare back their growth forecasts for the last quarter. The government's first estimate of fourth-quarter gross domestic product will be released on January 27.
Sales grew 0.6 percent during November, a slightly smaller gain than the 0.7 percent median forecast given by analysts in a Business News poll.
The inventory-to-sales ratio held steady at 1.15 percent.
In a separate report, the National Federation of Independent Business said its Small Business Optimism Index rose 1.8 points to 93.8 in December.
It was the fourth straight month of improvement and a sign that small U.S. businesses were growing more confident in the economy's future.
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