Wholesale inventories increased 0.4% MoM (vs 0.5% MoM expected) in March, building on the upwardly revised growth of 0.5% MoM in February (vs preliminary estimate of 0.3% MoM).

• Durable wholesale inventories increased 0.6% MoM, and nondurable wholesale inventories increased 0.1% MoM.
• Auto inventories increased 1.2% MoM, and machinery inventories were up 0.6% MoM. Both drove the top line gain in wholesale inventories.
• Within nondurables, pharmaceutical drug inventories increased 1.0% MoM but that was offset by drops in farm product inventories (-2.4% MoM) and apparel inventories (-0.8% MoM).
• The inventory-to-sales ratio was unchanged at 1.30x but was down from 1.35x a year ago. The durable inventory-to-sales ratio has fallen from 1.81x in March 2024 to 1.69x in March 2025.