US wholesale inventories drop less than expected in December

US total wholesale inventories fell less than expected in December, figures released by the Commerce Department showed on Tuesday.

Wholesale inventories slipped 0.1% to a seasonally-adjusted $582bn compared with consensus expectations for a 0.2% drop and a downwardly-revised 0.4% decline the previous month.

Although this was a touch better than expected, it marked the third straight month of falls.

Wholesale inventories of durable goods were down 0.3% from November, but up 0.5% compared with the same month in 2014.

Meanwhile, non-durable goods inventories were up 0.1% from November and 4.1% higher compared with the same month a year ago.