MWTS Press Release

FOR RELEASE AT 10:00 AM EDT, THURSDAY, AUGUST 7, 2025

MONTHLY WHOLESALE TRADE: SALES AND INVENTORIES, JUNE 2025
Release Number: CB25-116
August 7, 2025 — The U.S. Census Bureau announced the following new wholesale trade statistics for June
2025:
MONTHLY WHOLESALE INVENTORIES

Monthly Inventories/Sales Ratios of Merchant Wholesalers, Except Manufacturers’
Sales Branches and Offices: 2016 to 2025

1.70
1.65
1.60

JUNE 2025

$906.3 billion

+0.1%*

MAY 2025
(revised)

$905.5 billion

-0.3%

1.55
1.50
1.45

Next release: September 10, 2025
* The 90 percent confidence interval includes zero. There is insufficient evidence
to conclude that the actual change is different from zero.
Data adjusted for seasonality but not price changes.
Source: U.S. Census Bureau, Monthly Wholesale Trade Survey,
August 7, 2025.

1.40
1.35
1.30
1.25
1.20
1.15
1.10

2016

2020
2021
2022
2023
2017
2018
2019
2024
2025
Source: U.S. Census Bureau, Monthly Wholesale Trade Survey, August 7, 2025. Estimates adjusted for seasonal and trading day
differences, but not for price changes.

Sales
June 2025 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 $698.5 billion, up 0.3
percent (±0.5 percent)* from the revised May level and were up 5.5 percent (±0.9 percent) from the revised
June 2024 level. The April 2025 to May 2025 percent change was revised from the preliminary estimate of
down 0.3 percent (±0.4 percent)* to down 0.4 percent (±0.4 percent)*.
Inventories
Total inventories of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment
for seasonal variations and trading day differences, but not for price changes, were $906.3 billion at the end of
June, up 0.1 percent (±0.2 percent)* from the revised May level. Total inventories were up 1.3 percent (±0.5
percent) from the revised June 2024 level. The May 2025 to June 2025 percent change was revised from the
advance estimate of up 0.2 percent (±0.2 percent)* to up 0.1 percent (±0.2 percent)*.
Inventories/Sales Ratio
The June inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices,
based on seasonally adjusted data, was 1.30. The June 2024 ratio was 1.35.

Data Inquiries
Economic Indicators Division, Wholesale Indicator Branch
301-763-0259 Emma Reburn
eid.wholesale.indicator.branch@census.gov

Media Inquiries
Public Information Office
301-763-3030
pio@census.gov

GENERAL INFORMATION
Release Schedule
The July 2025 Monthly Wholesale Trade Report is scheduled for release on September 10, 2025. View the full
schedule in the Economic Briefing Room: .
For additional survey information, including customizable time series estimates by industry, visit
.
Statement Regarding Natural Disasters
For information on the impact of natural disasters on the compilation of this report, please see
.
EXPLANATORY NOTES
Reliability of the Estimates
Because the estimates presented in this report are based on a sample survey, they contain sampling error and
nonsampling error.
Sampling error is the difference between the estimate and the result that would be obtained from a complete
enumeration of the sampling frame conducted under the same survey conditions. This error occurs because
only a subset of the entire sampling frame is measured in a sample survey. Standard errors and coefficients of
variation, as given in Table 2 of this report, are estimated measures of sampling variation.
The margin of sampling error, as used on page 1, gives a range about the estimate, which can be used to
construct a 90-percent confidence interval. If, for example, the percent change estimate is +1.2 percent and
its estimated standard error is 0.8 percent, then the margin of sampling error is ±1.753 x 0.8 percent or ±1.4
percent, and the 90 percent confidence interval is 1.2 +/-1.4 or -0.2 percent to +2.6 percent. If the interval
contains 0, then one does not have sufficient statistical evidence to conclude at the 90 percent confidence
level that the actual change is different from zero. Estimated changes shown in the text are statistically
significant unless otherwise noted. For a monthly total, the estimated coefficient of variation is given. The
resulting confidence interval is the estimated monthly total ± 1.753 × CV × (the estimated monthly total). The
Census Bureau recommends that individuals using estimates in this report incorporate this information into
their analyses, as sampling error could affect the conclusions drawn from the estimates.
Nonsampling error encompasses all other factors that contribute to the total error of a sample survey
estimate. This type of error can occur because of nonresponse, insufficient coverage of the universe of
wholesale businesses, mistakes in the recording and coding of data, model error, and other errors of

Data Inquiries
Economic Indicators Division, Wholesale Indicator Branch
301-763-0259 Emma Reburn
eid.wholesale.indicator.branch@census.gov

Media Inquiries
Public Information Office
301-763-3030
pio@census.gov

collection, response, coverage, or processing. Although nonsampling error is not measured directly, the
Census Bureau employs quality control procedures throughout the process to minimize this type of error.
Description of the Survey
The Census Bureau conducts the Monthly Wholesale Trade Survey to provide national estimates of monthly
sales, end-of-month inventories, and inventories-to-sales ratios by kind of business for wholesale firms located
in the United States. Specifically, the MWTS covers wholesale merchants who sell goods on their own account
and include such businesses as wholesale merchants or jobbers, industrial distributors, exporters, and
importers. Sales offices and branches maintained by manufacturing, refining, or mining firms for the purpose
of marketing their products are not covered in this report. Also excluded is NAICS Industry Group 4251:
Wholesale Electronic Markets and Agents and Brokers.
The MWTS sample was selected using a stratified, one-stage design with strata defined by kind of business
(e.g., Automotive, Furniture, Lumber, etc.) and annual sales size. The sample includes firms of all sizes and is
updated on a quarterly basis to account for new wholesale firms, deaths, and other changes to the wholesale
universe. Each month, questionnaires are mailed to employer firms selected in a probability sample of
approximately 4,200. For surveyed companies, approximately 57.7 percent provided data for this reporting
period, resulting in a total quantity response rate of 59.7 percent for sales and 62.3 percent for inventories.
Monthly sales and inventories estimates are obtained by summing weighted data (either reported or
imputed). The monthly estimates are benchmarked to annual survey estimates and are adjusted for seasonal
variation and trading day differences. Individuals who use estimates in this report to create new estimates
should cite the Census Bureau as the source of only the original estimates. Additional information on the
MWTS can be found on the Census Bureau website at: .
The Census Bureau has reviewed this data product to ensure appropriate access, use, and disclosure
avoidance protection of the confidential source data (Project No. 7503922, Disclosure Review Board (DRB)
approval number: CBDRB-FY25-0004).
RESOURCES
API
The Census Bureau’s application programming interface lets developers create custom apps to reach new
users and makes key demographic, socio-economic and housing statistics more accessible than ever before.

Data Inquiries
Economic Indicators Division, Wholesale Indicator Branch
301-763-0259 Emma Reburn
eid.wholesale.indicator.branch@census.gov

Media Inquiries
Public Information Office
301-763-3030
pio@census.gov

FRED Mobile App
Receive the latest updates on the nation’s key economic indicators by downloading the
FRED App for both Apple and Android
devices. FRED, the signature database of the Federal Reserve Bank of St. Louis, now
incorporates the Census Bureau’s 13 economic indicators.
###
* The 90 percent confidence interval includes zero. There is insufficient evidence to conclude that the actual change is different from zero.

Data Inquiries
Economic Indicators Division, Wholesale Indicator Branch
301-763-0259 Emma Reburn
eid.wholesale.indicator.branch@census.gov

Media Inquiries
Public Information Office
301-763-3030
pio@census.gov

Table 1. Estimates of Monthly Sales, Inventories, and Inventories/Sales Ratios of Merchant Wholesalers, Except Manufacturers' Sales Branches and
Offices
[Total sales and inventories estimates are shown in millions of dollars. Estimates are based on data from the Monthly Wholesale Trade Survey.]
4

Sales
NAICS
code

1

Kind of Business

Adjusted2
42
423
4231
4232
4233
4234
42343
4235
4236
4237
4238
4239
424

U.S. Total
.Durable
..Automotive
..Furniture
..Lumber
..Prof. equip.
...Comp. equip.
..Metals
..Electrical
..Hardware
..Machinery
..Misc. Durable
.Nondurable

4241
4242
4243
4244
4245
4246
4247
4248
4249

..Paper
..Drugs
..Apparel
..Groceries
..Farm products
3
..Chemicals
..Petroleum
..Alcohol
..Misc. Nondur.

Inventories

Monthly

Percent change
Jun./
May

May/
Apr.

Monthly

Jun.
2025
(p)

May
2025
(r)

Jun.
2024
(r)

Jun. 25/
Jun. 24

698,450

696,650

662,292

0.3

-0.4

341,970

340,356

317,740

0.5

0.2

54,002
8,533
17,513
55,336
28,507
18,073
83,548
21,591
54,387
28,987

54,372
8,729
17,525
55,161
28,368
17,958
83,406
21,151
53,935
28,119

51,789
8,798
17,685
51,410
25,245
17,322
72,451
20,534
51,045
26,706

-0.7
-2.2
-0.1
0.3
0.5
0.6
0.2
2.1
0.8
3.1

356,480

356,294

344,552

7,769

7,882

7,743

101,886
14,118
78,362
21,514

101,126
13,999
78,898
21,917

91,596
12,920
74,586
19,884

0.8
0.9
-0.7
-1.8

13,074

13,265

12,814

-1.4

2.6

2.0

14,610

14,338

72,964
15,431
31,362

72,320
15,323
31,564

78,834
15,693
30,482

0.9
0.7
-0.6

-3.0
0.0
-6.2

-7.4
-1.7
2.9

25,436
25,853
56,845

23,987
26,209
57,421

Inventories/Sales Ratios

Percent change

Jun.
2025
(p)

May
2025
(r)

Jun.
2024
(r)

Jun./
May

May/
Apr.

Jun. 25/
Jun. 24

5.5

906,349

905,458

894,462

0.1

-0.3

1.3

1.30

1.30

1.35

7.6

568,723

568,162

567,773

0.1

-0.7

0.2

1.66

1.67

1.79

3.5
-2.3
-3.2
-0.3
-0.7
1.2
1.1
-1.1
-0.9
-1.5

4.3
-3.0
-1.0
7.6
12.9
4.3
15.3
5.1
6.5
8.5

91,324
17,532
31,010
63,700
24,214
39,145
81,907
46,752
154,349
43,004

92,396
17,537
31,533
64,018
24,467
38,777
79,828
46,630
154,399
43,044

95,810
16,711
30,668
59,867
20,873
38,914
81,317
43,124
158,100
43,262

-1.2
0.0
-1.7
-0.5
-1.0
0.9
2.6
0.3
0.0
-0.1

-1.2
-2.1
0.3
-2.1
-3.6
0.1
0.6
1.2
-0.8
-2.7

-4.7
4.9
1.1
6.4
16.0
0.6
0.7
8.4
-2.4
-0.6

1.69
2.05
1.77
1.15
0.85
2.17
0.98
2.17
2.84
1.48

1.70
2.01
1.80
1.16
0.86
2.16
0.96
2.20
2.86
1.53

1.85
1.90
1.73
1.16
0.83
2.25
1.12
2.10
3.10
1.62

0.1

-1.0

3.5

337,626

337,296

326,689

0.1

0.4

3.3

0.95

0.95

0.95

-1.4

-1.0

0.3

8,235

8,294

7,844

-0.7

0.2

5.0

1.06

1.05

1.01

-0.3
1.9
0.7
-0.2

11.2
9.3
5.1
8.2

97,865
27,652
56,567
24,563

97,234
28,376
56,183
25,254

92,497
28,771
51,218
24,255

0.6
-2.6
0.7
-2.7

1.9
-0.4
0.0
-4.1

5.8
-3.9
10.4
1.3

0.96
1.96
0.72
1.14

0.96
2.03
0.71
1.15

1.01
2.23
0.69
1.22

14,755

1.9

-2.0

-1.0

1.12

1.08

1.15

26,277
24,877
56,195

6.0
-1.4
-1.0

2.9
1.7
-0.2

-3.2
3.9
1.2

0.35
1.68
1.81

0.33
1.71
1.82

0.33
1.59
1.84

U.S. Total
.Durable
..Automotive
..Furniture
..Lumber
..Prof. equip.
...Comp. equip.
..Metals
..Electrical
..Hardware
..Machinery
..Misc. Durable
.Nondurable
..Paper
..Drugs
..Apparel
..Groceries
..Farm products
..Chemicals
..Petroleum
..Alcohol
..Misc. Nondur.

May
2025
(r)

Jun.
2024
(r)

Sales to date
2025
2024

Not Adjusted
42
423
4231
4232
4233
4234
42343
4235
4236
4237
4238
4239
424
4241
4242
4243
4244
4245
4246
4247
4248
4249

Jun.
2025
(p)

708,966

711,774

656,422

-0.4

0.1

8.0

899,278

902,979

889,729

-0.4

-1.1

1.1

4,112,377

3,950,699

351,695

342,442

317,775

2.7

0.9

10.7

572,444

570,991

571,644

0.3

-0.7

0.1

1,985,436

1,869,898

54,974
8,507
18,581
59,265
32,099
18,778
84,133
23,923
55,475
28,059

54,535
8,493
18,576
54,444
27,716
18,712
82,655
22,082
54,798
28,147

51,478
8,640
18,163
53,723
27,845
17,547
71,074
22,054
50,126
24,970

0.8
0.2
0.0
8.9
15.8
0.4
1.8
8.3
1.2
-0.3

2.8
-3.0
-3.4
1.3
2.3
-1.9
7.0
-0.2
-3.3
-4.2

6.8
-1.5
2.3
10.3
15.3
7.0
18.4
8.5
10.7
12.4

91,324
17,409
31,878
63,509
24,287
39,536
82,398
47,220
156,510
42,660

92,304
17,379
32,511
63,634
24,663
38,932
79,828
47,796
156,252
42,355

95,810
16,611
31,588
59,747
20,956
39,342
81,805
43,512
160,313
42,916

-1.1
0.2
-1.9
-0.2
-1.5
1.6
3.2
-1.2
0.2
0.7

-2.1
-1.4
0.5
-2.0
-2.1
0.3
0.5
1.5
-0.4
-3.1

-4.7
4.8
0.9
6.3
15.9
0.5
0.7
8.5
-2.4
-0.6

314,902
50,725
106,003
319,094
161,462
110,061
471,859
126,669
317,162
168,961

313,141
50,847
104,878
295,850
140,692
112,614
404,895
119,353
307,160
161,160

357,271

369,332

338,647

-3.3

-0.7

5.5

326,834

331,988

318,085

-1.6

-1.8

2.8

2,126,941

2,080,801

7,684
101,988
12,777
78,127
19,771
13,322
73,256
16,851
33,495

8,008
101,025
13,229
82,054
22,333
13,849
75,213
15,997
37,624

7,410
87,749
11,473
73,094
17,955
12,737
79,544
16,587
32,098

-4.0
1.0
-3.4
-4.8
-11.5
-3.8
-2.6
5.3
-11.0

-0.5
-1.1
2.6
4.4
-3.3
3.7
-3.7
4.2
-7.2

3.7
16.2
11.4
6.9
10.1
4.6
-7.9
1.6
4.4

8,284
96,984
28,260
55,775
17,612
14,610
26,326
26,060
52,923

8,178
97,526
27,581
55,228
21,062
14,338
24,323
26,733
57,019

7,907
93,422
29,404
50,552
17,512
14,755
27,170
24,877
52,486

1.3
-0.6
2.5
1.0
-16.4
1.9
8.2
-2.5
-7.2

-0.8
3.5
1.1
-0.2
-19.7
-2.0
2.7
1.5
-8.1

4.8
3.8
-3.9
10.3
0.6
-1.0
-3.1
4.8
0.8

46,639
587,489
78,566
460,452
128,879
77,921
454,445
87,882
204,668

46,632
531,103
74,639
439,716
129,475
79,103
493,967
89,734
196,432

Footnotes:
p

Preliminary estimate.

r

Revised estimate.

1

For a full description of the NAICS codes used in this table, see the 2017 NAICS manual or .

2

Except where indicated, sales and inventories estimates are adjusted for seasonal variation. Estimates of sales are also adjusted for trading day differences and moving holidays. Estimates of inventories are
also adjusted for trading day differences. See Table 3 for the combined adjustment factors. Adjusted sales-to-date estimates are not tabulated.
3
No significant seasonal pattern for this NAICS code was detected in the latest annual review of the seasonal adjustment for inventories. Consequently, the "Adjusted" inventories estimates are equal to the "Not
Adjusted" estimates.
4
Adjusted and not adjusted inventories for aggregate NAICS levels 42, 423, and 424 are revised from the Advance Economic Indicators Report.

Data adjusted for seasonality but not price changes. Explanations of confidence intervals and sampling variability can be found on our website at
.
Source: U.S. Census Bureau, Monthly Wholesale Trade Survey, August 7, 2025, Project No. 7503922 / Approval CBDRB-FY25-0004.

Table 2. Estimated Measures of Sampling Variability of Monthly Wholesale Sales and Inventory Estimates
[Estimates are shown as percents and are based on data from the Monthly Wholesale Trade Survey.]
Standard error for monthly total

Coefficient of variation for
total

Ratio of two consecutive Current month to current
months
month last year

Sales to date

Coefficient of variation for monthly total

NAICS
code

Kind of Business

Preliminary estimates

Final estimates

Sales

Inv.

Sales

Inv.

Sales

Inv.

Sales

Inv.

Current year

Previous
year

Standard
error for
percent
change
Current year
sales to date
to previous
year sales to
date

42

U.S. Total

1.4

1.9

1.3

1.9

0.3

0.1

0.5

0.3

1.3

1.3

0.3

423

.Durable

2.1

2.7

2.0

2.7

0.4

0.1

0.8

0.6

1.9

1.8

0.6

4231
4232
4233
4234
42343
4235
4236
4237
4238
4239

..Automotive
..Furniture
..Lumber
..Prof. equip.
...Comp. equip.
..Metals
..Electrical
..Hardware
..Machinery
..Misc. Durable

3.9
7.9
3.8
3.8
5.4
5.7
3.9
5.3
4.8
7.2

5.4
9.8
4.8
5.2
2.9
7.1
5.5
8.8
3.8
6.1

3.8
8.4
3.6
3.8
5.1
5.5
4.0
5.1
3.7
7.2

5.3
9.6
4.8
5.2
2.8
7.2
5.1
8.7
4.0
6.2

0.4
1.7
0.8
0.8
1.5
1.3
0.5
1.0
1.3
1.2

0.5
0.4
0.3
0.3
0.2
0.5
0.7
0.3
0.3
0.5

1.6
4.7
2.3
2.0
3.2
2.7
1.4
0.8
1.8
2.6

1.3
3.0
2.4
1.0
1.4
1.6
1.2
0.8
1.3
2.5

3.9
8.0
3.8
3.7
4.6
5.3
4.0
5.1
3.4
6.8

3.7
7.2
3.3
3.9
3.7
4.9
3.8
5.0
3.4
6.8

1.4
3.1
2.2
1.5
2.3
1.4
1.2
0.7
1.5
1.7

424

.Nondurable

1.3

1.5

1.3

1.5

0.3

0.2

0.5

0.5

1.4

1.3

0.4

4241
4242
4243
4244
4245
4246
4247
4248
4249

..Paper
..Drugs
..Apparel
..Groceries
..Farm products
..Chemicals
..Petroleum
..Alcohol
..Misc. Nondur.

4.7
1.8
8.1
3.5
5.5
6.3
3.1
9.9
6.7

7.1
3.2
5.8
4.2
4.9
9.5
4.7
12.1
7.6

4.4
1.8
7.1
3.5
5.2
6.0
3.2
9.4
6.1

7.3
3.1
5.9
4.1
5.2
9.5
4.4
12.0
7.4

0.8
0.2
1.2
0.4
1.0
1.3
0.6
0.9
1.4

0.4
0.2
0.4
0.7
1.2
0.9
0.5
0.2
0.8

1.8
0.2
2.7
0.6
2.1
2.1
1.9
2.2
1.8

1.2
0.9
1.3
1.8
2.5
1.5
1.7
2.0
1.9

4.5
2.0
7.5
3.4
5.3
5.7
3.2
9.4
6.1

4.0
2.0
7.2
3.4
5.4
5.1
3.6
9.1
6.0

1.5
0.2
2.5
0.5
1.7
1.1
1.5
1.9
1.9

Note:
Z = Estimates round to zero.
Estimated measures of sampling variability are based on estimates not adjusted for seasonal variation, trading day differences, or moving holidays. Additional information
on confidentiality protection, sampling error, nonsampling error, sample design, and definitions may be found at
.
Data adjusted for seasonality but not price changes. Explanations of confidence intervals and sampling variability can be found on our website at
.
Source: U.S. Census Bureau, Monthly Wholesale Trade Survey, August 7, 2025, Project No. 7503922 / Approval CBDRB-FY25-0004.

1

Table 3. Combined Adjustment Factors for Monthly Wholesale Sales and Inventory Estimates
[Combined adjustment factors are computed using the Census Bureau's X-13 ARIMA-SEATS program and are based on data from the Monthly Wholesale
Trade Survey.]

NAICS
code
42
423
4231
4232
4233
4234
42343
4235
4236
4237
4238
4239
424
4241
4242
4243
4244
4245
4246
4247
4248
4249

Kind of
Business
2

U.S. Total
.Durable
..Automotive
..Furniture
..Lumber
..Prof. equip.
...Comp. equip.
..Metals
..Electrical
..Hardware
..Machinery
..Misc. Durable
.Nondurable
..Paper
..Drugs
..Apparel
..Groceries
..Farm products
..Chemicals3
..Petroleum
..Alcohol
..Misc. Nondur.

Sales
2025

Inventories
2025

2024

2024

Jul.
1.014

Jun.r
1.014

May r
1.025

Apr.
1.021

Mar.
1.011

Jun.r
0.990

Jul.
0.987

Jun.r
0.988

May r
0.995

Apr.
1.005

Mar.
1.009

Jun.r
0.990

1.010

1.027

1.007

1.002

1.013

1.000

1.009

1.007

1.006

1.006

0.998

1.007

0.999
1.058
1.083
1.008
1.033
1.028
0.985
1.101
1.008
0.964

1.018
0.997
1.061
1.071
1.126
1.039
1.007
1.108
1.020
0.968

1.003
0.973
1.060
0.987
0.977
1.042
0.991
1.044
1.016
1.001

1.009
0.981
1.062
0.971
0.948
1.075
0.937
1.035
1.041
1.029

1.043
0.989
0.978
1.024
1.012
1.061
0.988
0.976
1.024
1.034

0.994
0.982
1.027
1.045
1.103
1.013
0.981
1.074
0.982
0.935

0.999
1.016
1.014
1.005
1.007
1.016
1.016
1.003
1.009
1.016

1.000
0.993
1.028
0.997
1.003
1.010
1.006
1.010
1.014
0.992

0.999
0.991
1.031
0.994
1.008
1.004
1.000
1.025
1.012
0.984

1.008
0.984
1.029
0.993
0.993
1.002
1.001
1.021
1.008
0.989

1.002
0.987
1.032
0.976
0.968
0.998
0.990
1.012
1.004
0.981

1.000
0.994
1.030
0.998
1.004
1.011
1.006
1.009
1.014
0.992

1.022

1.001

1.041

1.036

1.007

0.981

0.954

0.965

0.981

1.007

1.030

0.969

1.018
1.033
0.997
1.024
0.917
1.043
1.034
1.016
0.986

0.989
1.001
0.905
0.997
0.919
1.019
1.004
1.092
1.068

1.016
0.999
0.945
1.040
1.019
1.044
1.040
1.044
1.192

1.010
1.007
0.939
1.003
1.052
1.033
1.047
1.002
1.205

0.992
0.980
1.018
1.002
1.027
1.008
0.998
0.949
1.143

0.957
0.958
0.888
0.980
0.903
0.994
1.009
1.057
1.053

0.992
0.999
1.062
0.987
0.658
1.000
1.008
1.015
0.880

1.006
0.991
1.022
0.986
0.717
1.000
1.035
1.008
0.931

0.986
1.003
0.972
0.983
0.834
1.000
1.014
1.020
0.993

0.996
0.987
0.957
0.985
0.996
1.000
1.016
1.022
1.078

0.999
0.991
0.951
0.992
1.119
1.000
1.036
1.012
1.126

1.008
1.010
1.022
0.987
0.722
1.000
1.034
1.000
0.934

Footnotes:
r
Revised factors.
1

Combined factors for sales include the effects of seasonal variation, trading day differences, and moving holidays. Combined factors for inventories include the
effects of seasonal variation and trading day differences.
2

Adjusted sales and inventories estimates for detailed kind-of-business levels in Table 1 are computed by dividing each "Not Adjusted" estimate by the combined
adjustment factor for the corresponding kind of business and month. Adjusted estimates for broad kind-of-business levels are obtained by summing adjusted
estimates at the appropriate detailed levels. Combined factors shown for broad kind-of-business levels may be used to approximate adjusted estimates at these
levels, but the resulting estimates may differ slightly from the published estimates.
3
No significant seasonal pattern for this NAICS code was detected in the latest annual review of the seasonal adjustment for inventories. Therefore, the combined
adjustment factors for inventories are set to one for this NAICS code.

Note:
The seasonal adjustment factors shown are estimates derived from a model that uses sample survey data as input. Therefore, these estimates may contain sampling
error and nonsampling error. Additional information on the general form of the model and the X-13 ARIMA-SEATS program may be found at
.
Data adjusted for seasonality but not price changes. Explanations of confidence intervals and sampling variability can be found on our website at
.
Source: U.S. Census Bureau, Monthly Wholesale Trade Survey, August 7, 2025, Project No. 7503922 / Approval CBDRB-FY25-0004.