Wholesale Trade below consensus in May

Sales 
May 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 $419.1 billion, up 5.4 percent (±0.7 percent) from the revised April level, but were down 16.2 percent (±0.7 percent) from the revised May 2019 level. The March 2020 to April 2020 percent change was revised from the preliminary estimate of down 16.9 percent (±0.5 percent) to down 16.4 percent (±0.5 percent).  

Inventories 
Total inventories of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations but not for price changes, were $642.5 billion at the end of May, down 1.2 percent (±0.2 percent) from the revised April level. Total inventories were down 4.2 percent (±0.9 percent) from the revised May 2019 level. The April 2020 to May 2020 percent change was unrevised from the advance estimate of down 1.2 percent (±0.2 percent).

Inventories/Sales Ratio 
The May inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices, based on seasonally adjusted data, was 1.53. The May 2019 ratio was 1.34.