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.