In a separate report,beats by monster, the Commerce Department said wholesale inventories rose 1.6 percent in October after rising 0.3 percent in September.
Inventory liquidation cut GDP growth in the third quarter and a restocking should help out the economy over the last three months of the year.
High accumulation of wholesalers' inventories prompted economists at Goldman Sachs to raise their fourth quarter estimate of GDP at a rate of 2.9 percent from 2.7 percent. Advisors have increased their macroeconomic forecasts by five tenths to 3.5 percent.