U.S. total business sales fell -0.2% MoM in October 2025 but rose +3.5% YoY, while inventories increased +0.3% MoM and +1.4% YoY, pointing to slower nominal demand alongside continued stockbuilding.

• The combined value of distributive trade sales and manufacturers’ shipments totaled $1,943.7 billion in October (SA), down 0.2% MoM from September but up +3.5% YoY from October 2024.
• Total business inventories ended October at $2,677.8 billion (SA), up +0.3% MoM and +1.4% YoY, indicating inventories continued to rise even as sales softened on the month.
• The total business inventories-to-sales ratio was 1.38x at end-October, down from 1.41x in October 2024, suggesting leaner inventory levels relative to sales than a year earlier.
• By sector, sales declined 0.2% MoM for total business, with manufacturers +0.1%, retailers -0.1%, and merchant wholesalers -0.4%, showing wholesalers as the weakest monthly segment.
• YoY sales gains were strongest for merchant wholesalers (+4.6%), followed by total business (+3.5%), retailers (+3.1%), and manufacturers (+2.8%), indicating broad annual growth despite the monthly dip.
• Inventories rose +0.3% MoM for total business, including retailers +0.6% and merchant wholesalers +0.2%, while manufacturers were flat (0.0%), implying inventory accumulation was concentrated in trade rather than factories.