Economic Trends

Advance: Wholesale Inventories Unexpectedly Held Steady in April

U.S. wholesale inventories were flat in April, missing expectations, while the trade deficit narrowed sharply on a steep drop in imports.

May 30, 2025

The U.S. Census Bureau released its advance statistics for international trade, wholesale inventories and retail inventories for April on May 30, showing a flat month-to-month increase for wholesale inventories that missed market expectations.

Wholesale inventories — adjusted for seasonal and trading day differences, but not for price — ended April at $906.9 billion, unchanged from March but up 2.1% year-over-year. The February to March 2025 percentage change was revised from the preliminary estimate of up 0.4 to up 0.3%.

MDM’s 1Q25 MarketPulse Report (store link)

Economists polled by national news outlets had forecasted a monthly April increase of 0.4%

Retail inventories ended the month down 0.1% from March at $803.5 billion. That figure was up 3.5% year-over-year. The March monthly change was revised from down 0.2% to down 0.3%.

The Bureau reported the U.S. international trade deficit was $87.3 billion in April, down $74.6 billion from $162.3 billion in March. Exports of goods for April were $188.5 billion, $6.3 billion more than March exports. Imports of goods for April were $276.1 billion, $68.4 billion less than March imports.

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The May 2025 advance report for wholesale and retail inventories is scheduled to be released on June 26.