Economic Trends

Advance: U.S. Wholesale Inventories Rose 0.5% in April, Missing Forecasts

Wholesale inventories continued to climb in April after sharp gains in February and March, though the latest advance came in below market expectations — a possible sign that recent stockloading is cooling.

May 29, 2026

U.S. wholesale inventories increased again in April, though at a slower-than-expected pace after a sharp buildup over the previous two months.

The U.S. Census Bureau’s May 29 Advance Economic Indicators Report showed that merchant wholesale inventories — adjusted for seasonal variations and trading day differences, but not for price changes — ended April at $938.6 billion. That was up 0.5% from March and 3.4% from April 2025.

April’s gain followed a revised 1.5% month-to-month jump in March, which the Census revised upward from its preliminary estimate of 1.3%. That came after inventories increased 0.9% in February and declined 0.3% in January.

The latest figure suggests inventories remained elevated entering the second quarter, but that the pace of accumulation moderated after the February-March surge. April’s 0.5% increase was also below market forecasts of 0.8%, signaling that stockloading may be starting to cool after wholesalers built inventories aggressively earlier in the year.

Recent gains have likely reflected some frontloading as companies worked to secure stock amid disruptions tied to the Iran War and Strait of Hormuz conflict. That dynamic appears to have been most pronounced in March, when wholesale inventories posted their strongest monthly gain of the recent stretch, before easing in April to a still-solid advance.

The April report showed a split between durable and nondurable goods. Durable goods inventories rose 0.9% month-to-month to $584.6 billion and were up 2.3% year-over-year. Nondurable goods inventories declined 0.2% from March to $354.0 billion, though they remained 5.2% above April 2025 levels.

Retail inventories also climbed in April, rising 0.7% from March to $827.3 billion. That was up 3.0% from April 2025. Retail inventories excluding motor vehicles and parts increased 0.6% month-to-month, while motor vehicle and parts dealers’ inventories rose 0.9%.

The Census Bureau’s full June wholesale trade report — reflecting data through April — is scheduled for a June 9 release.

See the complete Census monthly figures below for U.S. International Trade in Goods (Seasonally-Adjusted) by product category, and for U.S. Inventories by broader industry group

Table A. U.S. International Trade in Goods — Seasonally Adjusted

Category	April 2026	March 2026	February 2026	% Change Apr/Mar	% Change Mar/Feb	% Change Apr 2026/Apr 2025
Balance	-82,400	-85,269	-81,737	—	—	—
Exports	219,670	211,200	205,262	4.0%	2.9%	15.6%
Foods, Feeds & Beverages	14,969	15,020	14,004	-0.3%	7.3%	9.5%
Industrial Supplies	88,254	86,401	81,574	2.1%	5.9%	17.8%
Capital Goods	71,258	66,280	65,136	7.5%	1.8%	20.6%
Automotive Vehicles, etc.	12,832	13,201	12,927	-2.8%	2.1%	5.6%
Consumer Goods	22,777	21,133	23,076	7.8%	-8.4%	6.8%
Other Goods	9,579	9,166	8,545	4.5%	7.3%	8.2%
Imports	302,070	296,469	286,999	1.9%	3.3%	9.6%
Foods, Feeds & Beverages	17,455	17,405	16,822	0.3%	3.5%	-5.5%
Industrial Supplies	53,082	54,129	51,813	-1.9%	4.5%	2.2%
Capital Goods	126,673	119,971	118,237	5.6%	1.5%	40.1%
Automotive Vehicles, etc.	34,673	35,214	32,172	-1.5%	9.5%	4.6%
Consumer Goods	55,976	56,526	54,040	-1.0%	4.6%	-19.8%
Other Goods	14,211	13,225	13,914	7.5%	-5.0%	19.6%

Table B. U.S. Inventories — Adjusted

Category	April 2026	March 2026	April 2025	% Change Apr/Mar	% Change Mar/Feb	% Change Apr 2026/Apr 2025
Merchant wholesale trade, total	938,640	934,259	907,841	0.5%	1.5%	3.4%
Durable goods	584,610	579,653	571,279	0.9%	0.5%	2.3%
Nondurable goods	354,030	354,606	336,562	-0.2%	3.2%	5.2%
Retail trade, total	827,304	821,385	803,269	0.7%	0.7%	3.0%
Total excl. motor vehicles & parts	562,474	558,869	550,704	0.6%	0.6%	2.1%
Motor vehicle & parts dealers	264,830	262,516	252,565	0.9%	1.1%	4.9%