News Summary: US wholesale stockpiles rose in July

INVENTORIES UP: U.S. wholesalers increased their stockpiles in July 0.7 percent from the June level.

SALES DOWN: Sales at the wholesale level fell 0.1 percent in July, the third straight monthly decline. That's the longest stretch of sales declines since seven decreases ending in January 2009, when the country was still in recession.

ECONOMIC PROSPECTS: The slump in sales means it will take wholesalers longer to clear out their stockpiles and could result in cutbacks in orders to factories. That would mean less production and weaker economic growth.