Wholesale inventories jumped 0.8% MoM in January, slightly above the advance estimate of 0.7% MoM and the largest monthly increase since August 2022.

• Durable goods inventories increased 0.9% MoM including large increases in professional equipment (+1.8% MoM), lumber (+1.5% MoM), and electrical goods (+1.2% MoM).
• Nondurable goods inventories increased 0.7% MoM with a large build in farm product inventories (+3.7% MoM).
• The overall inventories/sales ratio increased from 1.30x in December to 1.33x in January.
• Nondurable inventories/sales ratio has been volatile, increasing from 1.69x in December to 1.75x in January which is down from 1.81x a year ago.