U.S. wholesale inventories increased 0.7% in September 2026 to $1.013 trillion, while wholesale sales rose 2.8% to $840.1 billion, according to data released by the Commerce Department’s Census Bureau on November 9. Sales grew faster than inventory holdings, lowering the inventories-to-sales ratio to 1.21 months from 1.23 in August. The figures provide updated information about merchandise distribution, business demand and inventory activity.
Key Takeaways
- U.S. wholesale inventories increased 0.7% in September 2026, following a revised 0.6% rise in August
- Wholesale sales advanced 2.8%, accelerating from August’s 2.0% increase
- The inventories-to-sales ratio declined to 1.21 months from 1.23 months
- Durable-goods inventories rose 0.6%, while electrical-goods inventories increased 2.5%
- Private inventory investment contributed 1.61 percentage points to third-quarter U.S. GDP growth of 3.4%
September Wholesale Inventories Reach $1.013 Trillion
U.S. wholesale inventories increased 0.7% in September 2026, reaching approximately $1.013 trillion, according to the Census Bureau’s Monthly Wholesale Trade report. The increase followed a revised 0.6% gain in August and exceeded the preliminary September estimate of 0.6%.
Compared with September 2025, wholesale inventories increased 7.6%. The figures are adjusted for seasonal variations and trading-day differences but do not account for price changes.
Wholesale inventories measure the value of merchandise held by distributors for resale to retailers, manufacturers and other business customers. Changes in these holdings can reflect purchasing patterns, product availability and the timing of merchandise sales.
The September report also incorporated updated historical estimates following revisions based on the 2023 and 2024 Annual Integrated Economic Survey. These adjustments affected previously reported inventory levels, making the revised figures the appropriate basis for monthly comparisons.
Several merchandise categories contributed to September’s increase. Durable-goods inventories advanced 0.6%, while nondurable-goods inventories rose 0.9%. The differences between categories indicate that inventory accumulation was not uniform across wholesale businesses.
Wholesale Sales Rise 2.8% as Merchandise Demand Increases
U.S. wholesale sales increased 2.8% in September 2026, reaching $840.1 billion. The gain followed a revised 2.0% increase in August and placed sales 19.8% above their September 2025 level.
Sales growth varied across merchandise categories. Durable-goods sales increased 1.3%, while nondurable-goods sales rose 4.4%. Petroleum and petroleum products recorded an 18.8% increase in sales, accounting for a substantial portion of the overall monthly gain.
Wholesale sales measure completed merchandise transactions rather than goods retained for future distribution. The September figures therefore provide a separate measure of business activity from the reported increase in inventories.
Other economic indicators offer context for business demand. The October services-sector new orders index remained in expansion territory despite declining from September. That survey measures changes in reported business conditions, while wholesale sales measure the dollar value of merchandise transactions.
Although wholesale sales increased faster than inventories in September, the figures do not establish whether the same pattern will continue in subsequent months. Changes in prices, customer demand and industry composition can affect both measurements.
Durable Goods and Electrical Equipment Record Inventory Gains
Durable-goods inventories increased 0.6% in September 2026, while electrical-goods inventories rose 2.5%. Hardware inventories also advanced 1.3%, indicating growth across several categories of merchandise held by wholesale distributors.
Nondurable-goods inventories increased 0.9%, supported by gains in petroleum products, chemicals and apparel. Petroleum inventories rose 10.6%, while chemical inventories increased 1.3% and apparel inventories advanced 2.6%.
Not all merchandise categories recorded increases. Farm-product inventories declined 7.4%, while automotive inventories decreased 0.5%. These differences illustrate how inventory changes varied among wholesalers during the reporting period.
Manufacturing data provided another measure of merchandise demand. September U.S. factory orders increased 1.8%, supported by gains in transportation equipment, machinery and electronic products.
Factory orders measure incoming demand received by manufacturers, whereas wholesale inventories represent goods already held by distributors. Examining the indicators together provides information about different stages of production and distribution without assuming that increases in orders immediately translate into inventory growth.
The Census Bureau’s category-level figures establish changes in merchandise holdings but do not independently identify the business decisions responsible for those changes.
Inventories-to-Sales Ratio Declines to 1.21 Months
The U.S. wholesale inventories-to-sales ratio declined to 1.21 months in September 2026 from 1.23 months in August. The decrease occurred because sales increased 2.8%, exceeding the 0.7% rise in inventories.
The ratio compares the value of merchandise held by wholesalers with their monthly sales. It expresses how many months of sales the existing inventory represents at the current sales rate.
A lower ratio indicates that wholesalers are holding less inventory relative to sales, although it does not necessarily mean that their total merchandise holdings have declined.
September’s results illustrate that distinction. Wholesale inventories increased in dollar terms, but the faster rise in sales reduced the amount of inventory relative to monthly transactions.
The ratio can help businesses assess inventory management and distribution conditions. However, it does not independently establish whether wholesalers have excessive stock, face shortages or expect changes in future demand.
Because the underlying figures are not adjusted for price changes, movements in merchandise prices can also influence the reported relationship between inventories and sales.
Inventory Investment Adds 1.61 Points to Third-Quarter GDP Growth
Private inventory investment contributed 1.61 percentage points to U.S. economic growth in the third quarter of 2026, according to the Bureau of Economic Analysis.
The contribution formed part of the advance GDP estimate released on October 29, which showed real gross domestic product increasing at an annualized rate of 3.4% during the July-to-September period. The economy had expanded at an annualized rate of 2.2% in the second quarter.
Inventory investment measures changes in goods held by businesses, including products manufactured or purchased but not yet sold. These changes are included in GDP calculations because production contributes to economic output even when finished goods remain in storage.
The positive third-quarter contribution indicates that changes in private inventories added to measured economic growth. However, the 1.61-percentage-point figure represents a contribution to GDP growth rather than the percentage increase in inventory holdings.
The Bureau of Economic Analysis identified wholesale trade and manufacturing among the leading contributors to higher private inventory investment during the quarter. Both sectors recorded changes in merchandise holdings that affected the broader national accounts.
The September wholesale inventory report provides additional information about one component of business inventories. Its 0.7% monthly increase should not be interpreted as a direct measure of the economy-wide inventory contribution to GDP.
Wholesale inventory statistics and quarterly GDP estimates also differ in coverage and methodology. The monthly report focuses on merchandise held by wholesale businesses, while the GDP calculation includes inventory investment across multiple industries and accounts for inflation.
The third-quarter GDP figures remain subject to revision as additional economic information becomes available. The next estimate is scheduled for November 25, 2026.
Frequently Asked Questions
How Much Did U.S. Wholesale Inventories Increase in September 2026?
U.S. wholesale inventories increased 0.7% in September 2026 to approximately $1.013 trillion, following a revised 0.6% increase in August.
How Much Did Wholesale Sales Rise in September 2026?
Wholesale sales increased 2.8% to $840.1 billion in September, accelerating from a revised 2.0% rise in August.
What Was the U.S. Wholesale Inventories-to-Sales Ratio?
The inventories-to-sales ratio declined to 1.21 months in September from 1.23 months in August, reflecting faster growth in sales than in inventory holdings.
Which Wholesale Inventory Categories Recorded the Largest Gains?
Petroleum inventories increased 10.6%, followed by gains of 2.5% in electrical goods and 1.3% in hardware. Durable-goods inventories increased 0.6% overall.
How Did Inventory Investment Affect Third-Quarter GDP Growth?
Private inventory investment contributed 1.61 percentage points to the 3.4% annualized increase in U.S. real GDP during the third quarter of 2026, according to the Bureau of Economic Analysis.
