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.