Table 1.

Estimated Monthly Sales and Inventories for Manufacturers, Retailers, and Merchant Wholesalers
(In millions of dollars)

Sales Inventories Inventories/Sales Ratios

May 2025 Apr. 2025 May 2024 May 2025 Apr. 2025 May 2024 May 2025 Apr. 2025 May 2024

(p) (r) (r) (p) (r) (r) (p) (r) (r)

Adjusted1

Total business…………… 1,913,893 1,921,556 1,855,956 2,656,708 2,656,059 2,611,183 1.39 1.38 1.41

Manufacturers²……………… 599,362 598,633 590,334 944,081 943,249 936,426 1.58 1.58 1.59

Retailers³……………………………… 617,367 623,521 600,372 807,091 804,501 781,647 1.31 1.29 1.30

Merchant wholesalers⁴… 697,164 699,402 665,250 905,536 908,309 893,110 1.30 1.30 1.34

Not Adjusted

Total business……………… 1,968,278 1,933,703 1,936,580 2,650,712 2,665,315 2,608,508 1.35 1.38 1.35

Manufacturers²……………… 608,646 598,594 607,937 951,079 950,143 943,306 1.56 1.59 1.55

Retailers³……………………… 647,460 623,756 631,832 796,948 802,082 775,250 1.23 1.29 1.23

Merchant wholesalers⁴ 712,172 711,353 696,811 902,685 913,090 889,952 1.27 1.28 1.28

(p) Preliminary estimate.

(r) Revised estimate.
Data adjusted for seasonality and trading day differences, but not for price changes. Explanations of confidence intervals and sampling variability can be found
on our website at <www.census.gov/mtis/how_surveys_are_collected.html>.
Source: U.S. Census Bureau, Manufacturing and Trade Inventories and Sales, July 17, 2025.

Table 2. Percent Changes for Sales and Inventories -- Manufacturers, Retailers, and Merchant Wholesalers

Adjusted Not Adjusted

Sales Inventories Sales Inventories

May 25/ Apr. 25/ May 25/ May 25/ Apr. 25/ May 25/ May 25/ Apr. 25/ May 25/ May 25/ Apr. 25/ May 25/

Apr. 25 Mar. 25 May 24 Apr. 25 Mar. 25 May 24 Apr. 25 Mar. 25 May 24 Apr. 25 Mar. 25 May 24

Total business…………………… -0.4 -0.2 3.1 0.0 0.0 1.7 1.8 -1.3 1.6 -0.5 0.1 1.6

Manufacturers2…………………………………………..………………
0.1 -0.3 1.5 0.1 -0.1 0.8 1.7 -4.5 0.1 0.1 0.3 0.8

Retailers3…………………………………………..………
-1.0 -0.3 2.8 0.3 0.0 3.3 3.8 -0.2 2.5 -0.6 0.0 2.8

Merchant wholesalers4…………………………………………..…
-0.3 0.0 4.8 -0.3 0.1 1.4 0.1 0.6 2.2 -1.1 -0.2 1.4

See footnotes and notes at the end of Table 3.

Data adjusted for seasonality and trading day differences, but not for price changes. Explanations of confidence intervals and sampling variability can be found on our website at
<www.census.gov/mtis/how_surveys_are_collected.html>.
Source: U.S. Census Bureau, Manufacturing and Trade Inventories and Sales, July 17, 2025.
Table 3. Estimated Monthly Retail Sales, Inventories, and Inventories/Sales Ratios, By Kind of Business
(In millions of dollars)

Sales Inventories3 Percent Change Inventories/Sales

NAICS Kind of Business In Inventories Ratios
Code May 2025 Apr. 2025 May 2024 May 2025 Apr. 2025 May 2024 May 25/ Apr. 25/ May 25/ May 25 Apr. 25 May 24

(p) (r) (r) (p) (r) (r) Apr. 25 Mar. 25 May 24 (p) (r) (r)
Adjusted 1

Retail trade, total…………………………………………………………… 617,367 623,521 600,372 807,091 804,501 781,647 0.3 0.0 3.3 1.31 1.29 1.30

Total (excl. motor veh. & parts)…………………………………… 482,219 483,016 467,732 552,893 551,743 527,509 0.2 0.3 4.8 1.15 1.14 1.13

441 Motor vehicle & parts dealers………………………………………….. 135,148 140,505 132,640 254,198 252,758 254,138 0.6 -0.7 0.0 1.88 1.80 1.92

442,3 Furniture,home furn., elect. & appl. stores…………………… 19,095 19,188 18,612 29,744 29,424 29,448 1.1 0.9 1.0 1.56 1.53 1.58

444 Building materials, garden equip & supplies………………… 39,772 40,859 40,171 83,345 83,411 78,229 -0.1 0.7 6.5 2.10 2.04 1.95

445 Food & beverage stores…………………………………………..……… 83,905 84,358 82,078 62,777 62,673 60,115 0.2 1.0 4.4 0.75 0.74 0.73

448 Clothing & clothing access. stores…………………………………..… 26,097 26,020 25,212 58,056 58,343 57,491 -0.5 0.0 1.0 2.22 2.24 2.28

452 General merchandise stores………………………………………….. 76,840 76,775 75,101 99,094 99,061 96,152 0.0 -0.4 3.1 1.29 1.29 1.28

4522 Department stores…………………………………………..……………… 3,227 3,236 3,315 8,766 8,819 8,809 -0.6 -0.8 -0.5 2.72 2.73 2.66

Not Adjusted
Retail trade, total…………………………………………..………………… 647,460 623,756 631,832 796,948 802,082 775,250 -0.6 0.0 2.8 1.23 1.29 1.23

Total (excl. motor veh. & parts)…………………………………… 502,453 476,091 489,499 543,735 547,921 520,068 -0.8 0.2 4.6 1.08 1.15 1.06

441 Motor vehicle & parts dealers…………………………………………. 145,007 147,665 142,333 253,213 254,161 255,182 -0.4 -0.3 -0.8 1.75 1.72 1.79

442,3 Furniture,home furn., elect. & appl. stores………………… 19,222 18,039 18,690 29,328 28,806 28,977 1.8 1.3 1.2 1.53 1.60 1.55

444 Building materials, garden equip & supplies………………… 46,783 45,042 48,136 85,512 87,748 80,263 -2.5 0.8 6.5 1.83 1.95 1.67

445 Food & beverage stores…………………………………………..……… 87,314 82,609 85,100 62,252 62,042 59,755 0.3 1.0 4.2 0.71 0.75 0.70

448 Clothing & clothing access. stores………………………………… 27,941 24,739 26,511 57,185 58,110 56,686 -1.6 0.2 0.9 2.05 2.35 2.14

452 General merchandise stores………………………………………… 80,043 73,888 77,335 95,547 97,539 93,240 -2.0 0.4 2.5 1.19 1.32 1.21

4522 Department stores…………………………………………..…………… 3,333 3,003 3,418 8,380 8,651 8,430 -3.1 -0.9 -0.6 2.51 2.88 2.47

(p) Preliminary estimate.

(r) Revised estimate.

1
Adjusted for seasonal variations, trading day differences, and, in the case of sales, for holiday variations. Concurrent seasonal adjustment is being used to adjust all sales, shipment and inventory estimates. Concurrent
seasonal adjustment uses all available unadjusted estimates as input to the X-13ARIMA-SEATS program. The factors derived from the program are applied to the current and previous month estimates and for retail and
wholesale estimates a year ago as well. For retail sales, concurrent seasonal adjustment is also used to adjust the advance estimates (published one month before the preliminary estimates) and the estimates one year before
the advance month. This explains the revision to retail estimates from a year ago.

2
Manufacturers sales refer to the value of shipments by manufacturers. The shipments data from individual manufacturers are adjusted prior to tabulation for the number of trading days as well as for any variations in the
length of the reporting period.

3
Adjusted and not adjusted inventories for aggregate levels retail trade total, total excluding motor vehicles and parts, and motor vehicle and parts dealers are revised from the Advance Economic Indicators Report.

4
The 2017 North American Industry Classification System (NAICS) defines merchant wholesalers as including manufacturers' sales branches and offices. However, the estimates included in this release exclude manufacturers'
sales branches and offices. Note that this is not a change in coverage from prior releases and is consistent with the description used in the Monthly Wholesale Trade Survey data products.

Data adjusted for seasonality and trading day differences, but not for price changes. Explanations of confidence intervals and sampling variability can be found on our website at
<www.census.gov/mtis/how_surveys_are_collected.html>. Estimates include data only for businesses with paid employees. Prior to the benchmark report released in April 2025, the monthly retail estimates that were
released in the Manufacturing and Trade Inventories and Sales estimates included nonemployers.
Source: U.S. Census Bureau, Manufacturing and Trade Inventories and Sales, July 17, 2025.