WASHINGTON ? U.S. merchant wholesalers ended 2025 with stronger sales growth than inventory growth, according to new Census Bureau data that offered an early read on business demand heading into 2026.

In its Monthly Wholesale Trade Report, the Census Bureau said December 2025 sales rose 1.0% from November to $722.1 billion, while inventories edged up 0.2% to $918.0 billion.

The same release, available in full on the bureau's wholesale data page, put the December inventory-to-sales ratio at 1.27, down from 1.30 a year earlier, suggesting stock levels stayed comparatively lean relative to demand.

Those inventory figures matter beyond wholesaling itself because they feed into broader economic measurement. The Census Bureau describes the wholesale report as a key input for estimating quarterly GDP on its monthly wholesale overview.

The report did not show a broad inventory buildup at year-end, leaving economists with a picture of steady sales and relatively restrained stock accumulation across the sector.