Sales
January 2026 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 $727.5 billion, up 0.5 percent (±0.5 percent)* from the revised December level and were up 7.5 percent (±0.9 percent) from the revised January 2025 level. The November 2025 to December 2025 percent change was revised from the preliminary estimate of up 1.0 percent (±0.4 percent) to up 1.3 percent (±0.4 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 $909.3 billion at the end of January, down 0.5 percent (±0.4 percent) from the revised December level. Total inventories were up 1.0 percent (±1.1 percent)* from the revised January 2025 level.
Inventories/Sales Ratio
The January inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices, based on seasonally adjusted data, was 1.25. The January 2025 ratio was 1.33.
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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.
