US Business Inventories

Data Macro

Source: Census Bureau
Source Link: https://www.census.gov/
Frequency: Monthly
Next Release(s): September 16th, 2025 10:00 AM

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US total business sales rose 0.5% MoM in June 2025 and were up 3.8% YoY, while inventories increased 0.2% MoM and 1.6% YoY, bringing the inventories/sales ratio down to 1.38 from 1.41 a year earlier.
- Manufacturers’ sales rose 0.5% MoM and 1.8% YoY, with inventories up 0.2% MoM and 1.1% YoY.
- Retail sales increased 0.9% MoM and 4.0% YoY; retail inventories rose 0.2% MoM and 2.4% YoY, but excluding autos, inventories slipped -0.1% MoM while rising 4.1% YoY.
- Merchant wholesalers’ sales edged up 0.3% MoM and 5.5% YoY; inventories were up 0.1% MoM and 1.3% YoY.
- Motor vehicle & parts dealer inventories rose 1.0% MoM but were down -1.0% YoY, while building materials & garden supplies inventories rose 0.3% MoM and 6.7% YoY.
- The highest inventories/sales ratio was in department stores at 2.75, up from 2.63 a year earlier, while the lowest was in food & beverage stores at 0.74, slightly above last year’s 0.73.
US business inventories were unchanged on a monthly basis in May, in line with expectations, and are up 1.7% YoY.
- Manufacturers’ inventories increased 0.1% MoM as sales also increased 0.1% MoM, and wholesale inventories dropped -0.3% MoM, matching a sales decline of -0.3% MoM.
- Retail inventories were up 0.3% MoM with sales down -1.0% MoM, but excluding autos, retail inventories were up 0.2% MoM and 4.8% YoY.
- The retail (ex autos) inventory-to-sales ratio now sits at 1.15x, down from 1.13x a year ago.
US business inventories were unchanged on a monthly basis in April, in line with expectations, and are up 2.2% YoY.
- Manufacturers’ inventories fell -0.1% MoM as sales fell -0.3% MoM, and wholesale inventories increased 0.2% MoM, slightly ahead of sales growth of 0.1% MoM.
- Retail inventories were flat on a monthly basis with sales down -0.1% MoM, but excluding autos, retail inventories were up 0.3% MoM and 4.8% YoY.
- Motor vehicle inventories dropped -0.8% MoM in April after a -1.5% MoM drop in March. The inventory/sales ratio has fallen from 1.93x a year ago to 1.79x in April 2025.
US business inventories increased 0.1% MoM (vs 0.2% MoM expected) and 2.5% YoY in March.
- On an annual basis, business inventories are up 2.5% YoY after strong inventory builds in Q1 2025 that were abnormal based on seasonality trends.
- Manufacturers’ inventories increased 0.1% MoM, and wholesalers’ inventories increased 0.4% MoM.
- Retailers’ inventories fell -0.2% MoM, the second straight decline, but are still up 4.7% YoY. Excluding autos, retail inventories were up 0.4% MoM as auto inventories dropped -1.3% MoM due to a sharp increase in sales in March
US business inventories increased 0.2% MoM in February, in line with expectations, building on the 0.3% MoM increase in January.
- On an annual basis, business inventories are up 2.1% YoY after two inventory builds at the beginning of 2025 that were abnormal based on seasonality trends.
- Manufacturers’ and retailers’ inventories both increased 0.1% MoM wholesalers increased inventories 0.3% MoM.
- With sales falling in February, the inventories/sales ratio fell to 1.35x from 1.36x in January with the wholesale inventories/sales ratio down to 1.30x from 1.32x.
Business inventories increased 0.3% MoM in January as firms built stocks ahead of tariffs.
- Manufacturers’ inventories increased 0.1% MoM, and wholesalers’ inventories jumped 0.8% MoM.
- Retail inventories were unchanged over the month but up 5.0% YoY. Excluding autos, retail inventories were up 0.5% MoM as auto inventories dropped -1.0% MoM.
- The increase in clothing (+1.4% MoM) and furniture (+1.1% MoM) inventories saw the strongest gains to start the year.
Total US business inventories fell -0.2% MoM in December after a 0.1% MoM increase in November, a surprise draw on stocks when analysts expected no change.
- Manufacturers’ inventories grew 0.4% MoM, while wholesalers’ and retailers’ inventories both declined -0.5% MoM and -0.4% MoM respectively.
- Ex auto and parts, inventories were down -0.1% MoM but still up 2.8% YoY.
- Auto inventories alone were down -1.1% MoM in December after an -0.8% MoM drop in November. On an annual basis, auto inventories jumped 11.6% YoY.
Total US business inventories increased 0.1% MoM with manufacturers inventories up 0.3% MoM and wholesaler inventories down -0.2% MoM. Retail inventories saw a slight increase of 0.2% MoM and are up 7.1% YoY. A large part of that inventory build is motor vehicle & parts where inventories are up 15.3% YoY.
US business inventories increased 0.1% MoM and 2.4% YoY in October. Manufacturers’ and wholesalers’ inventories declined by -0.3% MoM and -0.2% MoM respectively. Retailers’ inventories, however, were up 0.7% MoM, still short of the 0.9% MoM increase in retail sales in the same month. Excluding auto & parts, retail inventories were only up 0.1% MoM and 1.6% YoY, and the inventory/sales ratio was unchanged at 1.13x.