U.S. total business sales rose +0.6% MoM and +3.5% YoY in November 2025, indicating firmer nominal demand alongside modest inventory accumulation.

• The combined value of distributive trade sales and manufacturers’ shipments increased to $1,955.1B (SA), up +0.6% MoM from October and +3.5% YoY, marking a rebound after the prior month’s decline.

• Total business inventories edged up to $2,678.3B at end-November, rising +0.1% MoM and +1.2% YoY, showing continued but slower stockbuilding relative to sales growth.

• The inventories-to-sales ratio fell to 1.37x in November from 1.40x a year earlier, indicating inventories were leaner relative to sales than in November 2024.

• By sector, manufacturers’ sales declined -0.1% MoM but were up +2.1% YoY, pointing to softer monthly shipments despite solid annual growth, edging out an 0.1% MoM increase in manufacturers' inventories.

• Retail sales increased +0.5% MoM and +3.0% YoY, suggesting consumer-facing demand strengthened on the month while remaining supportive year over year. This far outpaced a -0.1% MoM decline in retail inventories.

• Merchant wholesaler sales rose +1.3% MoM and +5.2% YoY, the strongest performance among major sectors, driving much of the overall sales increase. Wholesale inventories only increased 0.2% MoM.