Sales
November 2025 sales of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences but not for price changes, were $714.1 billion, up 1.3 percent (±0.4 percent) from the revised October level and were up 5.2 percent (±0.7 percent) from the revised November 2024 level. The September 2025 to October 2025 percent change was unrevised from the preliminary estimate of down 0.4 percent (±0.5 percent)*.
Inventories
Total inventories of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations and trading day differences, but not for price changes, were $915.0 billion at the end of November, up 0.2 percent (±0.2 percent)* from the revised October level. Total inventories were up 1.8 percent (±0.9 percent) from the revised November 2024 level.
Inventories/Sales Ratio
The November inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices, based on seasonally adjusted data, was 1.28. The November 2024 ratio was 1.32.
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* The 90 percent confidence interval includes zero. There is insufficient evidence to conclude that the actual change is different from zero.
