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The wholesale inventories in the United States significantly fell in the month of October as businesses stepped up their efforts in order to efficiently reduce the loads of stockpile of merchandises which are unsold. This turn of events suggests that inventories would once be again a drag on the growth during the last quarter of the year. The Commerce Department released a statement saying that wholesale inventories slipped by .1 percent as the stocks both goods which are durable and non-durable fell. The inventories increased a revised .2 percent in the month of September. The economists polled by Reuters made a forecast that the inventories in the wholesale sector will be ticking up by .1 percent in the month of October which had a previously reported .5 percent increase in the month prior to it.
The level of inventories is an important component in the changes in the gross domestic product. The component of wholesale inventories takes part in the calculation of the GDP also dipped by .1 percent. The wholesale inventories did not include automobiles. There was a record back-to-back increase in the level of inventories during the first two quarters this year which left warehouses bulging with merchandises which were unsold and made businesses with little incentive to restock. The level of inventories accumulated subtracted .56 percentage points in the GDP growth during the third quarter. The event restricted the GDP growth to an annual rate of about 2.1 percent. The overall drop in the wholesale inventories in the month of October will prompt the economists to trim their fourth-quarter estimates of growth which is currently at around 2 percent.
Data gathered showed that manufacturing inventories fell for a record four straight months during the month of October. The retail inventory data released recently will shed more light on the vastness of the anticipated drag of the inventory levels in the final quarter this year. The sales of wholesalers remain unchanged in October after it increased by .5 percent in the month of September. The sales have been soft since the month of August. Even inventories of Paper Mart boxes are also affected in this turn of events in the sector.
In the recently concluded 60 kilometer Lobatse mountain bike challenge, Shadrack Motswiri took home the championship. He was able to come out victorious amidst a sea of renowned cyclists as challengers such as Graham Broomhead. Shadrack was able to finish the challenge within 2 minutes and 48 seconds.
It was quite a tight race for the contenders and the 30 year old champion coming from Gaborone Garage. He admitted the hard work he needed to accomplish in order to finish the mountainous terrains and come out on top of Broomhead and Michael Knott who placed second and third in the competition. While Broomhead was able to do it within 3 minutes and 13 seconds, Knott came very close at 3 minutes and 19 seconds.
The 60 kilometer challenge was not an easy one for many of the strong contenders were not able to finish the race due to various circumstances including mechanical failures and over fatigue. The Lobatse mountain bike challenge has other categories such as the 40 kilometer race. For this category, Molokwane Rankgwathi was first to finish while Mokgwe Lebonetse and Mogomotsi Setlhare came as second and third respectively.
There was also a 20 kilometer category for the men which Joshua Bezuidenhout took home the victory along with the second and third placers, Cecil Botha and Barwise Theo. The junior female category, on the other hand, was won by Janine Dutoil while her rivals Mpho Molokwane, second place, and Alta Malherbe, third place, followed suit.
For the women’s open category in the 20 kilometer challenge, the first prize was snatched by Zaheera Essof, second place by Mmabaledi Mosweu and third place by Cariana Herbst. The last category in the mountain bike challenge was the 5 kilometer which includes both junior boys and girls. Lily Malherbe, an 11-year-old, came out to be the best cyclist among her peers in the category.
Among the prizes took home by Shadrack is a new cycling jacket, trophy, medal, certificate and a cash prize. The event was sponsored by Lobatse Town Council as well as Spin city and many other sponsors.