--US February business inventories -0.2%; sales -0.3%
--First decline in US business inventories since December 1998
--US February inventory/sales ratio at 1.37; January unrevised at 1.37
--US February retailer inventories -0.4%; autos -1.5%
--US Feb retail durable stock/sales ratio at 1.95; Jan revised to 1.98
--US Feb retail nondurable stock/sales ratio at 1.10; Jan unrevised at 1.09

By Andrew Williams
Washington, April 13 (BridgeNews) - U.S. business inventories declined in February for the first time since December 1998, slipping 0.2%. The fall in inventories at factories, wholesalers and retailers was the largest drop since March 1996 and was below the consensus estimate for a 0.1% gain. Business sales fell 0.3%, leaving the inventory-to-sales ratio at 1.37 in February, unchanged from January's level.
* * * In a survey of 20 economists by BridgeNews, the spread of estimates for the February business inventories ranged from down 0.3% to up 0.3%.
According to the U.S. Commerce Department, inventories at retailers were down 0.4%.
The retail inventory figure provides the final snapshot of U.S. inventory activity for the month. As previously reported, factory inventories declined 0.4%, while wholesale inventories also dropped by 0.1%.
RETAIL INVENTORY LEVELS
In the retail sector, automotive stocks fell 1.5%, after having been reported declining a revised 0.2% in January.
Excluding autos, retail inventories were unchanged.

STOCK-TO-SALES RATIO
Retailers' inventories/sales ratio was unchanged in February at 1.45.
Within retail, the durable goods ratio fell to 1.95, from a revised 1.98, while the nondurable goods ratio rose to 1.10, from the prior month's 1.09.