U.S. wholesale sales slipped -0.2% MoM to $708.2 billion in September 2025 but were up +4.8% YoY, showing a modest monthly pullback alongside solid annual growth.

• Sales for August were revised downward from +0.1% MoM to -0.2% MoM, indicating weaker late summer momentum than initially reported.

• Wholesale inventories rose +0.5% MoM to $911.5 billion and increased +1.8% YoY, pointing to gradual stock accumulation compared with last year.

• Nondurable inventories increased 0.7% MoM and 3.8% YoY, driven by a 1.9% MoM and 7.1% MoM increase in drug inventories. Durable inventories increased 0.3% MoM and 0.6% YoY.

• The inventory-to-sales ratio increased to 1.29 in September, down from 1.33 a year earlier, suggesting inventories have tightened relative to sales over the past year.

• Despite the soft MoM sales figure, the +4.8% YoY increase underscores continued demand strength compared with September 2024.

• Inventory growth outpaced the monthly decline in sales, contributing to the slight uptick in the inventory-to-sales ratio from August’s level.