Economic Trends
Wholesale Inflation Cooled in October, but Core PPI Topped Expectations
November 13, 2026
Economic Trends
July Wholesale Sales Up, Inventories Down Month-to-Month
Total inventories of merchant wholesalers were $902.3 billion at the end of July, down 0.2% from the prior month.
July 2023 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 $648.1 billion, up 0.8% from the revised June level but down 4.2% from the revised July 2022 level, according to data released Sept. 8 by the U.S. Census Bureau.
The May 2023 to June 2023 percent change was revised from the preliminary estimate of down 0.7% to down 0.8%.
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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 $902.3 billion at the end of July, down 0.2% from the revised June level.
Total inventories were up 0.5% from the revised July 2022 level. The June 2023 to July 2023 percent change was revised from the advance estimate of down 0.1% to down 0.2%.
The July inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices, based on seasonally adjusted data, was 1.39. The July 2022 ratio was 1.33.
