US Wholesale Inventories Rise Again in November

Got story updates? Submit your updates here. ›

U.S. wholesale inventories increased 0.2% in November, following a similar gain in October, according to the Commerce Department's Census Bureau. This suggests inventory investment could contribute positively to fourth-quarter gross domestic product (GDP) after being a drag for the previous two quarters. Sales at wholesalers also rebounded 1.3% in November after slipping 0.4% in October.

Why it matters

Inventory levels are a key component of GDP, so changes in wholesale inventories can signal shifts in broader economic activity. After being a drag on GDP for two straight quarters, the increase in November inventories suggests they could now add to fourth-quarter GDP growth.

The details

The report on wholesale inventories was delayed by the 43-day government shutdown. Inventories increased 1.8% on a year-over-year basis in November. Business inventories have declined for two straight quarters, subtracting from GDP growth, but this drag was offset by a shrinking trade deficit during that period. The Atlanta Federal Reserve is forecasting 5.4% annualized GDP growth in Q4, though estimates from major Wall Street banks are below a 3.0% pace, as the shutdown is expected to have undercut GDP growth.

• The Commerce Department's Census Bureau reported the November wholesale inventory data on January 29, 2026.
• Wholesale inventories increased 0.2% in November, following a similar 0.2% gain in October.

What’s next

The next key economic data release related to this story will be the advance estimate of Q4 2025 GDP, which the Bureau of Economic Analysis is scheduled to publish on January 30, 2026.