U.S. Wholesale Sales Rise 2.8% in September to $840.1 Billion
Key Facts
U.S. merchant wholesalers’ sales rose to $840.1 billion in September, adjusted for seasonal variation and trading-day differences, up 2.8% from revised August and 19.8% from revised September 2025, according to the U.S. Census Bureau. The figures reflect nominal sales value and are not adjusted for price changes. The monthly increase put sales above the previous month’s level, while the annual comparison shows substantial growth in recorded value from a year earlier. The bureau did not identify specific sectors or factors as causes of the increase. Its open data also did not include reliable detail supporting the growth rates circulating for some equipment categories.
Wholesale sales in August rose 2.0% month over month after the Census Bureau raised its previous estimate of 1.8%. The revision means the direct comparison base for September was higher than the initial estimate of August’s performance had shown. Sales then rose 2.8% in September from the revised August level. These readings show an acceleration in the pace of monthly growth between the two months, without in themselves providing a sector-level explanation for the move. The annual figure of 19.8% remains a comparison with revised September 2025 sales, while the 2.8% increase is measured against revised August 2026.
Wholesale inventories were valued at $1,013.1 billion at the end of September, up 0.7% from revised August and 7.6% from revised September 2025, according to the Census Bureau. The bureau revised the monthly increase to 0.7% from its initial estimate of 0.6%. This indicates that inventories rose during the month at a slower pace than monthly sales, which increased 2.8%. On an annual basis, inventories rose 7.6%, while sales increased 19.8% from the same period a year earlier. The figures put inventory and sales movements in the same context, without by themselves establishing the cause of either change.
The inventory-to-sales ratio for merchant wholesalers, excluding manufacturers’ sales branches and offices, fell to 1.21 in September from 1.34 in September 2025, according to seasonally adjusted data published by the Census Bureau. The ratio measures inventory relative to sales, so September’s decline puts it below the level in the same month a year earlier. A Reuters report said the ratio was 1.23 in August before falling to 1.21 in September. The report also cited a 0.6% rise in wholesale inventories of durable goods in September, a 2.5% increase in electrical goods inventories and a 1.3% recovery in inventories of tools and equipment. It suggested that the increases in electrical goods and tool inventories may be linked to the expansion of AI infrastructure and corporate spending in the area.
The wholesale trade figures come as the latest available Consumer Price Index report showed headline inflation at 3.7% year over year in September. The index rose 0.6% during the month after increasing 0.4% in August, according to the U.S. Bureau of Labor Statistics. The Associated Press said in a report published on November 6 that the Consumer Price Index had shown inflation above 3% since March. These readings relate to September, while the upcoming release covers October. The report’s backdrop therefore includes rising inventories and nominal sales, alongside inflation readings that have remained above 3%, according to the cited report.
The U.S. Bureau of Labor Statistics is scheduled to publish the October Consumer Price Index on November 10, 2026, at 08:30 a.m. Eastern Time. Economists expect headline inflation to rise to 3.9% in October from 3.7% in September, the Associated Press reported. These forecasts concern headline inflation and do not provide evidence of a specific forecast for core inflation. The October reading will be the latest price data included in that release, following September’s 0.6% monthly increase.