BUSINESS BRIEFING / THE ECONOMY
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Inventories at wholesalers fell in March for the seventh straight month after a record drop in February, as distributors focused on eliminating excess supply from their shelves.
The 1.6% decline in stockpiles followed a revised 1.7% decrease in February that was bigger than previously estimated, the Commerce Department said. Still, sales plunged 2.4% to the lowest level since 2005.
Companies are cutting back production and spending to winnow stockpiles built up as a result of reduced demand both in the U.S. and abroad.
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