U.S. wholesale sales rose +1.3% MoM and +5.2% YoY in November 2025, showing a monthly rebound alongside continued annual growth momentum.

• Merchant wholesaler sales increased to $714.1B (+1.3% MoM) after October’s -0.4% MoM decline, reversing the prior month’s softness.

• On a YoY basis, wholesale sales were +5.2%, indicating stronger activity relative to November 2024 despite recent monthly volatility.

• Total wholesale inventories rose to $915.0B (+0.2% MoM), pointing to modest ongoing stock accumulation.

• Durable and nondurable goods inventories were both up 0.2% MoM, while both segments saw sales up over 1% MoM.

• Inventories increased +1.8% YoY, a slower pace than sales growth, showing inventory expansion has lagged demand over the past year.

• The inventories-to-sales ratio fell to 1.28 in November from 1.32 a year earlier, indicating inventories remain leaner relative to sales than in late 2024.