Wholesale trade inventories slip more than consensus

Sales 
February 2020 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 $500.7 billion, down 0.8 percent (±0.5 percent) from the revised January level, but were up 1.1 percent (±0.7 percent) from the revised February 2019 level. The December 2019 to January 2020 percent change was revised from the preliminary estimate of up 1.6 percent (±0.5 percent) to up 1.3 percent (±0.9 percent).  

Inventories 
Total inventories of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations but not for price changes, were $655.8 billion at the end of February, down 0.7 percent (±0.2 percent) from the revised January level. Total inventories were down 1.3 percent (±1.1 percent) from the revised February 2019 level. The January 2020 to February 2020 percent change was revised from the advance estimate of down 0.5 percent (±0.2 percent) to down 0.7 percent (±0.2 percent).

Inventories/Sales Ratio 
The February inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices, based on seasonally adjusted data, was 1.31. The February 2019 ratio was 1.34.