SAN JOSE, Nov. 26 -- Worldwide semiconductor sales grew 1.5% to $18.8 billion in October, said the SIA today. The October 90-day average for sales was up 22% over a year ago.

The rise reflected "ongoing inventory corrections in certain market segments," said SIA president George Scalise in a press statement.

SIA guided for fourth-quarter sales to be flat sequentially. The trade group projects year-on-year growth of at least 28%.

October sales of DSPs rose 8.5% sequentially, a sign that the inventory correction that began in the wireless handset market in July has run its course, said Scalise.

PC sales, which historically peak in the fourth quarter, have been further buoyed by corporate demand, SIA said. Microprocessors were up 6.4% sequentially and DRAMs were up 2.8%, signs that the supply chain has shed its excess inventories for those chips, SIA said.

"Sales of consumer electronics are especially strong in the fourth quarter as the holiday build continues," said Scalise.

Capacity utilization declined two points in the third quarter, to 93%. Sales in all geographic regions except Japan were up sequentially in October.