French president Francois Hollande delivers his speech at the European Parliament Tuesday, Feb. 5, 2013, in Strasbourg, eastern France. Hollande warns of a tough European Union summit later this week if countries including Britain continue to demand drastic cuts to the EU budget while refusing to make concessions themselves. (AP Photo/Christian Lutz)
News Summary: US wholesale stockpiles dip 0.1 pct.
Published: 10:40:11 PM, Fri 08 February 2013 UTC
STOCKPILES DIP: U.S. wholesalers cut their stockpiles 0.1 percent in December after a 0.4 percent gain in November. The decline suggests businesses were cautious at the end of a weak quarter.
SALES COOL OFF: Wholesale business sales stayed level in December. That followed a 2.2 percent increase in November, the largest in nearly two years.
DRAG ON GROWTH: Less restocking reduces factory production, which slows economic growth. A big decline in restocking was a major reason the government estimated last week that the economy shrank in the October-December quarter.
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