FX.co ★ U.S. Wholesale Inventories Growth Cools in November, Pointing to Softer Stockpiling Momentum

U.S. wholesale inventories grew at a slower pace in November 2025, signaling a moderation in stockpiling by distributors and wholesalers. Month-over-month, inventories rose 0.2%, easing from a 0.5% increase recorded in October 2025, according to data updated on 29 January 2026.

The figures, measured on a month-over-month basis, show that while inventories continued to expand, the pace of accumulation has cooled compared with the previous month. The “actual” reading for November reflects the change versus October, while the “previous” figure captures October’s change compared with September, highlighting a clear deceleration in inventory growth as the year progressed.

This slowdown in wholesale inventory buildup may indicate more cautious restocking amid evolving demand conditions, with wholesalers potentially aligning inventory levels more tightly with current sales trends and outlooks heading into the end of 2025.