FX.co ★ U.S. Retail Inventories ex-Auto Nearly Stall in August, Signaling Softer Stock Building

U.S. retail inventories excluding autos nearly flatlined in August 2026, rising just 0.1% compared with a 0.8% increase in July, according to data updated on 30 September 2026. The sharp deceleration suggests retailers have turned markedly more cautious in their stock-building after a strong inventory expansion earlier in the summer.

The slowdown in August follows July’s relatively robust gain, indicating that merchants may be adjusting orders and warehouse levels more tightly to current demand conditions. While autos are excluded from this measure, the broader cooling in inventory growth could have implications for wholesale activity, logistics demand, and near-term contributions of inventory accumulation to U.S. GDP.

Analysts and market participants will be watching upcoming data closely to see whether the August reading marks the start of a more prolonged inventory moderation or a one-off pause following July’s strong build-up. For now, the step down from 0.8% in July to 0.1% in August underscores a more restrained approach to restocking among U.S. retailers outside the automotive sector.