The U.S. Census Bureau released its monthly wholesale trade report on March 19, reflecting results through January, which showed a continued sales gain during January, though much less robust than December, while inventories posted a sizable decline.

The report showed that January sales of merchant wholesalers — except manufacturers’ sales branches and offices, after adjustments or seasonal variations and trading day differences, but not for price changes — were $727.5 billion, up 0.5% from month-over-month after December’s upwardly revised 1.3% gain (from 1.0%). 

Year-over-year, January sales were up 7.5%, following December’s 5.2% gain.

Within January’s wholesale sales data, durable goods sales increased 1.0% MoM after December’s 2.3% gain and up 11.2% YoY. Nondurable sales were flat MoM after December’s 0.3% gain and were up 4.2% YoY.

For all of 2025, annual sales totaled $8.442 trillion, up 4.8% vs. 2024.

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Here’s a year-over-year look at how January wholesale sales fared month-over-month and year-over-year by NAICS product category, seasonally-adjusted

Inventories

Total wholesale inventories decreased by 0.5% during January, following December’s 0.1% dip that was revised down from a preliminary 0.2% increase. Year-over-year, January inventories were up 1.0%.

Here’s a look at how January wholesale inventories fared month-over-month and year-over-year by NAICS product category.

Inventories/Sales Ratio

The seasonally-adjusted January inventories/sales ratio for wholesalers was 1.25, dipping from December 1.25 and down from the 1.33 of a year earlier.

Here’s a look at how January’s inventories/sales ratio fared month-over-month and year-over-year by NAICS product category.