U.S. wholesale sales rose +1.4% MoM to $711.3 billion in July 2025, up +6.2% YoY, while inventories edged higher by +0.1% MoM and +1.3% YoY, pushing the inventories-to-sales ratio down to 1.28 from 1.34 a year earlier.

• Durable goods inventories fell -0.2% MoM and were down -0.1% YoY in July, and nondurable goods inventories increased 0.7% MoM and 3.6% YoY.

• Auto inventories continued to drop, down -1.6% MoM and -7.7% YoY in July, partially offset by a 0.6% MoM increase in machinery inventories (down -1.2% YoY).

• Non-durable inventory categories continue to be volatile, including groceries, which were up 2.0% MoM and 13.3% YoY.

• The inventories-to-sales ratio fell to 1.28 in July from 1.34 a year earlier, signaling leaner inventories relative to demand.