U.S. total business sales were flat MoM in September 2025 and up +3.7% YoY, indicating steady nominal demand alongside gradual inventory accumulation.

• Total business inventories rose +0.2% MoM to $2,670.0 billion and were up +1.2% YoY, indicating gradual stock rebuilding.

• Combined distributive trade sales and manufacturers’ shipments totaled $1,947.5 billion, essentially unchanged (±0.1%) from August, showing little month-to-month momentum.

• Manufacturers’ sales were flat MoM (0.0%) and up +2.3% YoY, suggesting moderate annual growth despite softer recent monthly activity.

• Retailers’ sales increased +0.1% MoM and +3.9% YoY, pointing to continued annual expansion with limited monthly acceleration.

• Merchant wholesalers’ sales declined -0.2% MoM but rose +4.8% YoY, highlighting stronger year-over-year gains despite a small monthly pullback.

• Manufacturers’ inventories edged down -0.1% MoM but increased +1.4% YoY, showing slower inventory growth than sales on a monthly basis.

• The inventories-to-sales ratio fell to 1.37 (from 1.40 a year earlier), suggesting leaner inventory positions relative to sales compared with September 2024.