Pending home sales fell 3.2% in July, worse than the forecast of a 1.5% drop. The index has been mostly flat over the past year. Prices remain in a downward trend and inventories are still high.
The Commerce Department reported that wholesale inventories jumped 1.4% in July as sales fell 0.3%. The inventory-to-sales ratio, which measures how many months it would take manufacturers to liquidate stockpiles, inched up from a record low of 1.06 to 1.07.
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