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Economic Indicators Division, Wholesale Indicator Branch Public Information Office

301-763-0259 Emma Reburn 301-763-3030

eid.wholesale.indicator.branch@census.gov pio@census.gov

FOR RELEASE AT 10:00 AM EDT, WEDNESDAY, APRIL 10, 2024

MONTHLY WHOLESALE TRADE: SALES AND INVENTORIES, FEBRUARY 2024

Release Number: CB24-60

Notice of Revision: Monthly Wholesale sales, inventories, and inventories-to-sales ratios were revised based 

on the results of the 2022 Annual Wholesale Trade Survey. Revised not adjusted and corresponding adjusted 

estimates were released on our website on March 27, 2024.

April 10, 2024 — The U.S. Census Bureau announced the following new wholesale trade statistics for February 

2024: 

1.10

1.15

1.20

1.25

1.30

1.35

1.40

1.45

1.50

1.55

1.60

1.65

1.70

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: U.S. Census Bureau, Monthly Wholesale Trade Survey, April 10, 2024. Estimates adjusted for seasonal and trading day 

differences, but not for price changes. 

Monthly Inventories/Sales Ratios of Merchant Wholesalers, Except Manufacturers’ 

Sales Branches and Offices: 2015 to 2024

Sales

February 2024 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 $673.7 billion, 

up 2.3 percent (±0.4 percent) from the revised January level and were up 0.8 percent (±1.1 percent)* from the 

revised February 2023 level. The December 2023 to January 2024 percent change was revised from the 

Monthly Wholesale Annual Revision Report of down 1.8 percent (±0.4 percent) to down 1.4 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 $901.1 billion at the end of 

February, up 0.5 percent (±0.4 percent) from the revised January level. Total inventories were down 1.5 

percent (±0.9 percent) from the revised February 2023 level. The January 2024 to February 2024 percent 

change was unrevised from the advance estimate of up 0.5 percent (±0.4 percent). 

MONTHLY WHOLESALE INVENTORIES

FEBRUARY 2024 $901.1 billion +0.5%

 JANUARY 2024

(revised) $896.5 billion -0.2%*

Next release: May 8, 2024

* 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, 

April 10, 2024.
 

Data Inquiries Media Inquiries

Economic Indicators Division, Wholesale Indicator Branch Public Information Office

301-763-0259 Emma Reburn 301-763-3030

eid.wholesale.indicator.branch@census.gov pio@census.gov

Inventories/Sales Ratio

The February inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and 

offices, based on seasonally adjusted data, was 1.34. The February 2023 ratio was 1.37.

GENERAL INFORMATION

Release Schedule

The March 2024 Monthly Wholesale Trade Report is scheduled for release on May 8, 2024. View the full 

schedule in the Economic Briefing Room: <www.census.gov/economic-indicators/>. 

For additional survey information, including customizable time series estimates by industry, visit 

<www.census.gov/wholesale/>. 

Statement Regarding Natural Disasters

For information on the impact of natural disasters on the compilation of this report, please see 

<www.census.gov/wholesale/natural_disaster_faqs.html>.

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. 
 

Data Inquiries Media Inquiries

Economic Indicators Division, Wholesale Indicator Branch Public Information Office

301-763-0259 Emma Reburn 301-763-3030

eid.wholesale.indicator.branch@census.gov pio@census.gov

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 

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 60.1 percent provided data for this reporting 

period, resulting in a total quantity response rate of 62.3 percent for sales and 64.7 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: <www.census.gov/wholesale/>. 

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-FY24-0002). 

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.

<www.census.gov/developers/> 
 

Data Inquiries Media Inquiries

Economic Indicators Division, Wholesale Indicator Branch Public Information Office

301-763-0259 Emma Reburn 301-763-3030

eid.wholesale.indicator.branch@census.gov pio@census.gov

FRED Mobile App

Receive the latest updates on the nation’s key economic indicators by downloading the 

FRED App <https://fred.stlouisfed.org/fred-mobile/> 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. 
Feb. Jan. Feb. Feb./ Jan./ Feb. 24/ Feb. Jan. Feb. Feb./ Jan./ Feb. 24/ Feb. Feb.

2024 2024 2023 Jan. Dec. Feb. 23 2024 2024 2023 Jan. Dec. Feb. 23 2024 2023

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

Adjusted2

42 U.S. Total 673,736 658,352 668,253 2.3 -1.4 0.8 901,082 896,497 915,265 0.5 -0.2 -1.5 1.34 1.37

423 .Durable 316,952 312,100 315,720 1.6 -0.6 0.4 571,752 566,154 557,144 1.0 0.4 2.6 1.80 1.76

4231 ..Automotive 53,028 52,502 49,530 1.0 3.7 7.1 93,641 92,834 83,534 0.9 1.1 12.1 1.77 1.69

4232 ..Furniture 8,786 9,037 9,048 -2.8 -3.3 -2.9 16,901 16,859 18,923 0.2 0.0 -10.7 1.92 2.09

4233 ..Lumber 18,008 16,854 18,739 6.8 -7.3 -3.9 30,974 30,665 31,798 1.0 1.8 -2.6 1.72 1.70

4234 ..Prof. equip. 48,979 48,430 48,681 1.1 -0.4 0.6 61,928 61,522 62,074 0.7 0.4 -0.2 1.26 1.28

42343 ...Comp. equip. 22,754 22,709 23,761 0.2 0.9 -4.2 20,959 20,914 21,247 0.2 2.0 -1.4 0.92 0.89

4235 ..Metals 18,997 19,137 20,901 -0.7 -3.2 -9.1 41,449 41,248 44,492 0.5 -0.4 -6.8 2.18 2.13

4236 ..Electrical 69,232 67,786 67,461 2.1 1.1 2.6 84,423 84,351 89,696 0.1 -0.9 -5.9 1.22 1.33

4237 ..Hardware 19,479 19,146 19,276 1.7 -0.8 1.1 43,825 43,613 46,808 0.5 0.3 -6.4 2.25 2.43

4238 ..Machinery 52,300 51,700 53,963 1.2 -1.3 -3.1 155,130 151,954 133,385 2.1 0.9 16.3 2.97 2.47

4239 ..Misc. Durable 28,143 27,508 28,121 2.3 -4.1 0.1 43,481 43,108 46,434 0.9 -0.3 -6.4 1.55 1.65

424 .Nondurable 356,784 346,252 352,533 3.0 -2.2 1.2 329,330 330,343 358,121 -0.3 -1.3 -8.0 0.92 1.02

4241 ..Paper 7,892 7,764 8,420 1.6 -2.3 -6.3 7,995 8,052 9,556 -0.7 -2.3 -16.3 1.01 1.13

4242 ..Drugs 88,900 88,462 82,667 0.5 -2.1 7.5 91,901 91,223 86,248 0.7 0.6 6.6 1.03 1.04

4243 ..Apparel 12,961 12,875 13,636 0.7 3.1 -5.0 30,291 29,891 38,323 1.3 -2.5 -21.0 2.34 2.81

4244 ..Groceries 73,715 73,169 73,743 0.7 -1.9 0.0 52,042 52,289 54,937 -0.5 0.0 -5.3 0.71 0.74

4245 ..Farm products 23,824 21,574 27,010 10.4 -3.9 -11.8 25,445 26,485 35,927 -3.9 -6.2 -29.2 1.07 1.33

4246 ..Chemicals3 12,950 12,949 13,278 0.0 -1.9 -2.5 14,547 14,356 16,311 1.3 -3.0 -10.8 1.12 1.23

4247 ..Petroleum 89,028 84,080 84,572 5.9 -2.2 5.3 24,704 25,632 31,222 -3.6 -2.5 -20.9 0.28 0.37

4248 ..Alcohol 15,500 15,195 16,439 2.0 -1.7 -5.7 25,384 24,812 25,576 2.3 1.4 -0.8 1.64 1.56

4249 ..Misc. Nondur. 32,014 30,184 32,768 6.1 -3.9 -2.3 57,021 57,603 60,021 -1.0 -2.3 -5.0 1.78 1.83

Not Adjusted

42 U.S. Total 630,029 631,025 597,180 -0.2 -2.7 5.5 906,913 904,380 921,704 0.3 -0.1 -1.6

423 .Durable 295,759 296,970 281,041 -0.4 -3.0 5.2 569,012 561,900 554,244 1.3 0.8 2.7

4231 ..Automotive 50,430 49,982 45,320 0.9 -2.1 11.3 95,046 93,113 84,620 2.1 1.5 12.3

4232 ..Furniture 8,171 8,576 8,053 -4.7 -3.1 1.5 16,614 16,775 18,620 -1.0 0.4 -10.8

4233 ..Lumber 16,423 15,590 16,209 5.3 1.6 1.3 31,067 30,389 31,798 2.2 5.0 -2.3

4234 ..Prof. equip. 44,816 45,815 42,304 -2.2 -11.0 5.9 60,937 61,276 61,329 -0.6 1.1 -0.6

42343 ...Comp. equip. 19,705 20,892 19,508 -5.7 -16.2 1.0 20,456 20,726 20,758 -1.3 2.6 -1.5

4235 ..Metals 18,693 19,386 19,584 -3.6 15.6 -4.5 40,869 40,877 43,869 0.0 -2.1 -6.8

4236 ..Electrical 63,347 64,736 58,624 -2.1 -1.8 8.1 83,579 84,182 88,799 -0.7 -0.1 -5.9

4237 ..Hardware 18,018 17,691 17,098 1.8 5.3 5.4 43,606 42,784 46,621 1.9 0.5 -6.5

4238 ..Machinery 48,534 48,236 47,865 0.6 -8.6 1.4 154,509 149,827 132,851 3.1 1.0 16.3

4239 ..Misc. Durable 27,327 26,958 25,984 1.4 -0.3 5.2 42,785 42,677 45,737 0.3 0.3 -6.5

424 .Nondurable 334,270 334,055 316,139 0.1 -2.5 5.7 337,901 342,480 367,460 -1.3 -1.5 -8.0

4241 ..Paper 7,442 7,803 7,603 -4.6 2.8 -2.1 7,987 8,133 9,527 -1.8 -2.8 -16.2

4242 ..Drugs 82,855 89,700 73,656 -7.6 -0.2 12.5 91,533 92,044 84,178 -0.6 -3.5 8.7

4243 ..Apparel 13,078 11,961 13,063 9.3 14.1 0.1 29,564 29,831 37,327 -0.9 -0.5 -20.8

4244 ..Groceries 69,587 71,340 66,737 -2.5 -1.7 4.3 51,001 52,132 53,838 -2.2 -0.9 -5.3

4245 ..Farm products 23,538 23,192 25,308 1.5 -0.8 -7.0 30,000 33,424 42,610 -10.2 -6.6 -29.6

4246 ..Chemicals 12,510 12,975 12,282 -3.6 10.1 1.9 14,547 14,356 16,311 1.3 -3.0 -10.8

4247 ..Petroleum 82,262 78,110 75,354 5.3 -3.9 9.2 24,852 26,068 31,628 -4.7 0.9 -21.4

4248 ..Alcohol 13,609 12,050 13,661 12.9 -30.6 -0.4 24,724 23,993 24,937 3.0 6.8 -0.9

4249 ..Misc. Nondur. 29,389 26,924 28,475 9.2 -5.2 3.2 63,693 62,499 67,104 1.9 0.3 -5.1

25,083

136,856

 p Preliminary estimate.

Data adjusted for seasonality but not price changes. Explanations of confidence intervals and sampling variability can be found on our website at 

<www.census.gov/wholesale/www/how_surveys_are_collected/monthly_methodology.html>.

Source: U.S. Census Bureau, Monthly Wholesale Trade Survey, April 10, 2024, Project No. 7503922 / Approval CBDRB-FY24-0002.

56,313

25,659

24,976

 r Revised estimate.

 1

 For a full description of the NAICS codes used in this table, see the 2012 NAICS manual or <https://www.census.gov/naics/>.

 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.

 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.

159,143

25,039

25,485

1.03

15,691

1.11

0.30

152,096

15,245

592,729

96,770

160,372

1.27

0.92

2.32

40,253

570,823

91,340

16,176

100,412

16,747

2024 2023

86,186

38,079

651,461

54,285

1.24

Jan.

2024

1.77

(r)

1.82

1.87

1.36

1.81

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.] 

NAICS1 

code

Kind of Business

Sales Inventories/Sales Ratios

Monthly Percent change Monthly

Inventories4

Percent change

53,760

2.16

2.94

140,927

668,325

34,494

121,636

1,261,054 1,222,284

90,631

95,687

1.57

0.95

Sales to date

0.71

1.23

Footnotes:

1.04

2.28

25,985

32,013

1.63

1.91

33,168

172,555

40,597

46,730

128,083

35,709

57,871

40,151

51,985
Standard 

error for 

percent 

change

Sales Inv. Sales Inv. Sales Inv. Sales Inv. Current 

year

Previous 

year

42 U.S. Total 1.3 2.2 1.3 2.1 0.2 0.2 0.6 0.5 1.3 1.1 0.6

423 .Durable 1.7 3.1 1.7 3.0 0.3 0.3 0.7 0.6 1.7 1.5 0.7

4231 ..Automotive 3.7 7.5 3.8 7.4 0.7 0.5 1.7 2.9 3.7 3.1 1.6

4232 ..Furniture 7.2 8.8 6.7 8.9 1.9 0.8 3.3 2.4 6.9 6.2 3.3

4233 ..Lumber 4.0 5.6 4.1 5.7 1.7 0.3 2.3 1.8 4.0 5.5 1.8

4234 ..Prof. equip. 3.9 5.7 3.8 5.7 0.8 0.2 1.2 0.9 3.8 3.4 1.1

42343 ...Comp. equip. 3.7 3.7 4.8 3.7 1.2 0.3 1.1 1.1 4.2 3.5 1.1

4235 ..Metals 4.6 7.1 4.7 7.0 0.7 0.3 1.2 1.4 4.6 4.5 1.2

4236 ..Electrical 4.0 5.4 3.8 5.2 0.7 0.3 1.0 1.1 3.9 3.3 1.1

4237 ..Hardware 4.8 9.2 4.8 9.2 0.8 0.6 1.2 1.4 4.8 5.3 1.0

4238 ..Machinery 3.1 4.7 3.2 4.5 1.4 0.4 1.9 1.6 3.1 3.3 1.7

4239 ..Misc. Durable 6.2 7.1 6.1 6.7 0.9 0.6 2.1 1.5 6.1 5.3 1.7

424 .Nondurable 1.4 1.8 1.4 1.8 0.5 0.3 0.6 0.8 1.4 1.3 0.6

4241 ..Paper 3.8 6.8 3.7 7.0 0.7 0.7 2.0 1.8 3.7 3.5 1.6

4242 ..Drugs 1.9 4.5 2.4 4.5 0.7 0.2 0.6 1.4 2.2 2.1 0.6

4243 ..Apparel 6.9 5.6 6.8 5.4 2.1 0.4 1.6 1.4 6.8 6.1 1.8

4244 ..Groceries 3.8 4.1 3.8 4.2 0.4 0.5 0.5 1.3 3.8 3.6 0.5

4245 ..Farm products 4.2 5.8 4.1 5.9 1.1 0.8 2.1 2.0 4.1 2.9 1.8

4246 ..Chemicals 5.1 9.6 5.0 9.6 0.8 0.7 1.2 1.9 5.0 4.7 1.2

4247 ..Petroleum 4.0 4.2 3.8 4.3 1.1 0.2 1.3 1.0 3.9 3.8 1.0

4248 ..Alcohol 9.0 12.5 7.6 12.3 1.5 0.5 1.3 1.6 8.3 8.2 1.1

4249 ..Misc. Nondur. 6.0 7.8 7.0 7.4 1.8 1.0 2.3 2.9 6.5 7.3 2.0

Data adjusted for seasonality but not price changes. Explanations of confidence intervals and sampling variability can be found on our website at 

<www.census.gov/wholesale/www/how_surveys_are_collected/monthly_methodology.html>.

Source: U.S. Census Bureau, Monthly Wholesale Trade Survey, April 10, 2024, Project No. 7503922 / Approval CBDRB-FY24-0002.

 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 

<www.census.gov/wholesale/www/how_surveys_are_collected/monthly_methodology.html>.

Note:

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.]

NAICS 

code Kind of Business

Coefficient of variation for monthly total Coefficient of variation 

for total 

Current 

year sales 

to date to 

previous 

year sales 

to date

Standard error for monthly total 

Preliminary estimates Sales to date Current month to 

current month last year Final estimates Ratio of two consecutive months
NAICS Kind of Sales Inventories

code Business

Mar. Feb.r Jan.r Dec. Nov. Feb.r Mar. Feb.r Jan.r Dec. Nov. Feb.r

42 U.S. Total2 1.016 0.934 0.963 0.971 1.001 0.892 1.014 1.011 1.013 1.012 1.010 1.009

423 .Durable 1.017 0.932 0.947 0.975 0.994 0.889 0.999 0.995 0.993 0.990 0.999 0.996

4231 ..Automotive 1.047 0.951 0.952 1.009 0.985 0.915 1.009 1.015 1.003 0.999 1.032 1.013

4232 ..Furniture 1.003 0.930 0.949 0.947 0.989 0.890 0.977 0.983 0.995 0.991 1.000 0.984

4233 ..Lumber 0.968 0.912 0.925 0.844 0.941 0.865 1.020 1.003 0.991 0.960 0.956 1.000

4234 ..Prof. equip. 1.025 0.915 0.946 1.059 1.005 0.869 0.979 0.984 0.996 0.989 1.009 0.988

42343 ...Comp. equip. 1.012 0.866 0.920 1.108 1.005 0.821 0.962 0.976 0.991 0.985 1.019 0.977

4235 ..Metals 1.055 0.984 1.013 0.848 0.913 0.937 0.993 0.986 0.991 1.008 0.988 0.986

4236 ..Electrical 0.984 0.915 0.955 0.983 1.088 0.869 0.991 0.990 0.998 0.990 0.986 0.990

4237 ..Hardware 0.984 0.925 0.924 0.870 0.936 0.887 1.014 0.995 0.981 0.979 0.987 0.996

4238 ..Machinery 1.004 0.928 0.933 1.008 0.931 0.887 1.004 0.996 0.986 0.985 1.004 0.996

4239 ..Misc. Durable 1.035 0.971 0.980 0.942 1.023 0.924 0.981 0.984 0.990 0.984 1.000 0.985

424 .Nondurable 1.007 0.940 0.964 0.963 1.011 0.898 1.042 1.033 1.043 1.042 1.023 1.030

4241 ..Paper 0.978 0.943 1.005 0.955 0.994 0.903 0.994 0.999 1.010 1.016 1.000 0.997

4242 ..Drugs 0.969 0.932 1.014 0.995 1.012 0.891 1.027 0.996 1.009 1.052 1.006 0.976

4243 ..Apparel 1.023 1.009 0.929 0.840 1.053 0.958 0.955 0.976 0.998 0.978 0.965 0.974

4244 ..Groceries 1.005 0.944 0.975 0.973 0.999 0.905 0.991 0.980 0.997 1.006 1.030 0.980

4245 ..Farm products 1.038 0.988 1.075 1.042 1.114 0.937 1.130 1.179 1.262 1.268 1.287 1.186

4246 ..Chemicals3 0.979 0.966 1.002 0.893 0.978 0.925 1.000 1.000 1.000 1.000 1.000 1.000

4247 ..Petroleum 1.018 0.924 0.929 0.945 1.001 0.891 1.018 1.006 1.017 0.982 0.969 1.013

4248 ..Alcohol 0.950 0.878 0.793 1.123 1.070 0.831 1.002 0.974 0.967 0.918 1.005 0.975

4249 ..Misc. Nondur. 1.087 0.918 0.892 0.904 0.948 0.869 1.133 1.117 1.085 1.057 0.972 1.118

2024 2024 2023

Data adjusted for seasonality but not price changes. Explanations of confidence intervals and sampling variability can be found on our website at 

<www.census.gov/wholesale/www/how_surveys_are_collected/monthly_methodology.html>.

Source: U.S. Census Bureau, Monthly Wholesale Trade Survey, April 10, 2024, Project No. 7503922 / Approval CBDRB-FY24-0002.

Table 3. Combined1 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.]

 r Revised factors.

 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 

<https://www.census.gov/data/software/x13as.html>.

Note:

 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.

 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.

Footnotes:

2023