US Business Inventories

Data Macro

Source: Census Bureau
Source Link: https://www.census.gov/
Frequency: Monthly
Next Release(s): March 16th, 2026 10:00 AM

Link to historical releases

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U.S. total business sales rose +0.5% MoM and +3.2% YoY in December 2025 to $1,965.9B, while inventories increased +0.1% MoM and +1.6% YoY, indicating modest stockbuilding alongside continued nominal sales growth.
- The combined value of distributive trade sales and manufacturers’ shipments increased +0.5% MoM and +3.2% YoY to $1,965.9B in December, following a +0.6% MoM increase in November.
- Manufacturers’ sales rose +0.5% MoM and +2.2% YoY after declining -0.2% MoM in November, indicating a rebound in shipments at the end of the year.
- Retailers’ sales were unchanged at 0.0% MoM in December but increased +2.1% YoY, following a +0.5% MoM increase in November.
- Merchant wholesalers recorded the strongest gains among major sectors, with sales rising +1.0% MoM and +5.2% YoY after a +1.4% MoM increase in November.
- Total business inventories increased +0.1% MoM and +1.6% YoY to $2,680.7B at the end of December, reflecting continued but modest stock accumulation.
- Manufacturers’ inventories rose +0.1% MoM and +0.9% YoY, while retailer inventories increased +0.1% MoM and +0.9% YoY after a -0.4% MoM decline in November.
- Merchant wholesaler inventories increased +0.2% MoM and +2.9% YoY, indicating faster inventory accumulation in the wholesale sector relative to other industries.
- The total business inventories-to-sales ratio declined to 1.36 in December from 1.39 a year earlier, showing inventories remained leaner relative to sales compared with December 2024.
Source
U.S. total business sales rose +0.6% MoM and +3.5% YoY in November 2025, indicating firmer nominal demand alongside modest inventory accumulation.
- The combined value of distributive trade sales and manufacturers’ shipments increased to $1,955.1B (SA), up +0.6% MoM from October and +3.5% YoY, marking a rebound after the prior month’s decline.
- Total business inventories edged up to $2,678.3B at end-November, rising +0.1% MoM and +1.2% YoY, showing continued but slower stockbuilding relative to sales growth.
- The inventories-to-sales ratio fell to 1.37x in November from 1.40x a year earlier, indicating inventories were leaner relative to sales than in November 2024.
- By sector, manufacturers’ sales declined -0.1% MoM but were up +2.1% YoY, pointing to softer monthly shipments despite solid annual growth, edging out an 0.1% MoM increase in manufacturers' inventories.
- Retail sales increased +0.5% MoM and +3.0% YoY, suggesting consumer-facing demand strengthened on the month while remaining supportive year over year. This far outpaced a -0.1% MoM decline in retail inventories.
- Merchant wholesaler sales rose +1.3% MoM and +5.2% YoY, the strongest performance among major sectors, driving much of the overall sales increase. Wholesale inventories only increased 0.2% MoM.
Source
U.S. total business sales fell -0.2% MoM in October 2025 but rose +3.5% YoY, while inventories increased +0.3% MoM and +1.4% YoY, pointing to slower nominal demand alongside continued stockbuilding.
- The combined value of distributive trade sales and manufacturers’ shipments totaled $1,943.7 billion in October (SA), down 0.2% MoM from September but up +3.5% YoY from October 2024.
- Total business inventories ended October at $2,677.8 billion (SA), up +0.3% MoM and +1.4% YoY, indicating inventories continued to rise even as sales softened on the month.
- The total business inventories-to-sales ratio was 1.38x at end-October, down from 1.41x in October 2024, suggesting leaner inventory levels relative to sales than a year earlier.
- By sector, sales declined 0.2% MoM for total business, with manufacturers +0.1%, retailers -0.1%, and merchant wholesalers -0.4%, showing wholesalers as the weakest monthly segment.
- YoY sales gains were strongest for merchant wholesalers (+4.6%), followed by total business (+3.5%), retailers (+3.1%), and manufacturers (+2.8%), indicating broad annual growth despite the monthly dip.
- Inventories rose +0.3% MoM for total business, including retailers +0.6% and merchant wholesalers +0.2%, while manufacturers were flat (0.0%), implying inventory accumulation was concentrated in trade rather than factories.
Source
U.S. total business sales were flat MoM in September 2025 and up +3.7% YoY, indicating steady nominal demand alongside gradual inventory accumulation.
- Total business inventories rose +0.2% MoM to $2,670.0 billion and were up +1.2% YoY, indicating gradual stock rebuilding.
- Combined distributive trade sales and manufacturers’ shipments totaled $1,947.5 billion, essentially unchanged (±0.1%) from August, showing little month-to-month momentum.
- Manufacturers’ sales were flat MoM (0.0%) and up +2.3% YoY, suggesting moderate annual growth despite softer recent monthly activity.
- Retailers’ sales increased +0.1% MoM and +3.9% YoY, pointing to continued annual expansion with limited monthly acceleration.
- Merchant wholesalers’ sales declined -0.2% MoM but rose +4.8% YoY, highlighting stronger year-over-year gains despite a small monthly pullback.
- Manufacturers’ inventories edged down -0.1% MoM but increased +1.4% YoY, showing slower inventory growth than sales on a monthly basis.
- The inventories-to-sales ratio fell to 1.37 (from 1.40 a year earlier), suggesting leaner inventory positions relative to sales compared with September 2024.
U.S. total business sales rose 0.2% MoM in August 2025 and 4.4% YoY, reflecting steady demand even as inventory levels were unchanged from July and grew modestly over the year.
- Total business inventories were flat MoM (0.0%) and up 1.1% YoY, indicating stock levels are broadly aligned with sales despite slower monthly inventory accumulation.
- Manufacturers’ sales slipped -0.1% MoM but were up 2.3% YoY; inventories were unchanged MoM and up 1.3% YoY, pointing to stable stock levels amid softer monthly shipment activity.
- Merchant wholesalers’ sales rose 0.1% MoM and 6.1% YoY, outpacing other sectors, with inventories flat MoM and up 1.1% YoY, showing strong wholesale demand against stable stock levels.
- Retailers’ sales increased 0.5% MoM and 4.7% YoY, continuing strong annual momentum; retail inventories fell -0.1% MoM but remained up 0.7% YoY, suggesting improved inventory turnover.
- Excluding autos, retailer inventories were unchanged in the last two months but up 2.3% YoY.
- The total business inventories-to-sales ratio fell to 1.37 (from 1.41 a year earlier), indicating leaner inventory positions relative to the pace of sales compared with 2024.
US total business sales rose 1.0% MoM in July 2025 and were up 4.0% YoY, while inventories increased 0.2% MoM and 1.5% YoY, keeping stock levels broadly aligned with demand.
- Manufacturers’ sales rose 0.9% MoM and 1.8% YoY, with inventories up 0.3% MoM and 1.5% YoY, showing modest restocking alongside higher shipments.
- Retailers’ sales increased 0.7% MoM and 3.8% YoY; retail inventories rose 0.2% MoM and 1.7% YoY, though excluding autos, inventories slipped -0.1% MoM while rising 3.2% YoY.
- Merchant wholesalers’ sales gained 1.4% MoM and 6.2% YoY, while inventories edged up 0.1% MoM and 1.3% YoY, indicating stronger turnover in the wholesale sector.
- Motor vehicle & parts dealer inventories rose 0.5% MoM but were down -1.5% YoY, reflecting leaner auto stock levels.
- Building materials & garden equipment inventories rose 0.3% MoM and 6.1% YoY, pointing to ongoing strength in the sector.
- Department store inventories fell -1.2% MoM and -1.5% YoY, with the highest inventories/sales ratio at 2.68, suggesting slower stock turnover.
- Food & beverage store inventories rose 0.6% MoM and 3.0% YoY, with the lowest inventories/sales ratio at 0.74, highlighting quicker inventory cycles.
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.