Monthly wholesale trade sales and inventories (324.54 KB)

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Summary

FOR RELEASE AT 10:00 AM EDT, WEDNESDAY, AUGUST 10, 2022
MONTHLY WHOLESALE TRADE: SALES AND INVENTORIES, JUNE 2022
Release Number: CB22-131
August 10, 2022 — The U.S. Census Bureau announced the following new wholesale trade statistics for June
2022:
Monthly Inventories/Sales Ratios of Merchant Wholesalers, Except Manufacturers’
Sales Branches and Offices: 2013 to 2022
1.75
MONTHLY WHOLESALE INVENTORIES 1.70
1.65
1.60
JUNE 2022 $895.4 billion +1.8% 1.55
1.50
MAY 2022 1.45
$879.6 billion +1.9% 1.40
(revised)
1.35
1.30
Next release: September 9, 2022
1.25
* The 90 percent confidence interval includes zero. There is insufficient evidence 1.20
to conclude that the actual change is different from zero. 1.15
Data adjusted for seasonality but not price changes. 1.10
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Source: U.S. Census Bureau, Monthly Wholesale Trade Survey,
Source: U.S. Census Bureau, Monthly Wholesale Trade Survey, August 10, 2022. Estimates adjusted for seasonal and trading day
August 10, 2022. differences, but not for price changes

Sales
June 2022 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 $709.6 billion, up 1.8
percent (±0.4 percent) from the revised May level and were up 20.4 percent (±0.9 percent) from the revised
June 2021 level. The April 2022 to May 2022 percent change was revised from the preliminary estimate of up
0.5 percent (±0.4 percent) to up 0.7 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 $895.4 billion at the end of
June, up 1.8 percent (±0.4 percent) from the revised May level. Total inventories were up 25.5 percent (±1.2
percent) from the revised June 2021 level. The May 2022 to June 2022 percent change was revised from the
advance estimate of up 1.9 percent (±0.2 percent) to up 1.8 percent (±0.4 percent)

Inventories/Sales Ratio
The June inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices,
based on seasonally adjusted data, was 1.26. The June 2021 ratio was 1.21

Data Inquiries Media Inquiries
Economic Indicators Division, Wholesale Indicator Branch Public Information Office
301-763-6856 Rebecca Weaver 301-763-3030
[email protected] [email protected]
GENERAL INFORMATION
Release Schedule
The July 2022 Monthly Wholesale Trade Report is scheduled for release on September 9, 2022. View the full
schedule in the Economic Briefing Room:

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

Statement Regarding COVID-19 Impact
The Census Bureau continues to monitor response and data quality and has determined that estimates in this
release meet publication standards. For more information, see

Statement Regarding Natural Disasters
For information on the impact of natural disasters on the compilation of this report, please see

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
301-763-6856 Rebecca Weaver 301-763-3030
[email protected] [email protected]
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 61.4 percent provided data for this reporting
period, resulting in a total quantity response rate of 65.0 percent for sales and 67.3 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:

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

Data Inquiries Media Inquiries
Economic Indicators Division, Wholesale Indicator Branch Public Information Office
301-763-6856 Rebecca Weaver 301-763-3030
[email protected] [email protected]
FRED Mobile App
Receive the latest updates on the nation’s key economic indicators by downloading the
FRED App 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

Data Inquiries Media Inquiries
Economic Indicators Division, Wholesale Indicator Branch Public Information Office
301-763-6856 Rebecca Weaver 301-763-3030
[email protected] [email protected]
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.]
4
Sales Inventories
Inventories/Sales Ratios
1 Monthly Percent change Monthly Percent change
NAICS
Kind of Business Jun. May Jun. Jun./ May/ Jun. 22/ Jun. May Jun. Jun./ May/ Jun. 22/ Jun. May Jun

code
2022 2022 2021 May Apr. Jun. 21 2022 2022 2021 May Apr. Jun. 21 2022 2022 2021
(p) (r) (r) (p) (r) (r) (p) (r) (r)
2
Adjusted
42 U.S. Total 709,584 697,250 589,404 1.8 0.7 20.4 895,401 879,642 713,342 1.8 1.9 25.5 1.26 1.26 1.21
423 .Durable 323,059 320,832 288,324 0.7 ‐0.9 12.0 540,729 529,903 425,689 2.0 2.1 27.0 1.67 1.65 1.48
4231 ..Automotive 45,648 43,208 42,420 5.6 ‐2.6 7.6 74,788 72,915 61,592 2.6 2.5 21.4 1.64 1.69 1.45
4232 ..Furniture 10,731 11,054 9,428 ‐2.9 ‐1.6 13.8 22,094 21,543 14,770 2.6 3.8 49.6 2.06 1.95 1.57
4233 ..Lumber 22,383 22,402 19,122 ‐0.1 ‐0.7 17.1 36,989 36,125 28,308 2.4 0.9 30.7 1.65 1.61 1.48
4234 ..Prof. equip. 50,910 51,043 47,907 ‐0.3 ‐1.0 6.3 62,845 62,103 52,744 1.2 1.0 19.2 1.23 1.22 1.10
42343 ...Comp. equip. 26,548 26,428 24,414 0.5 0.8 8.7 23,283 23,208 19,039 0.3 1.5 22.3 0.88 0.88 0.78
4235 ..Metals 24,057 23,668 19,404 1.6 1.5 24.0 46,011 45,159 33,377 1.9 3.1 37.9 1.91 1.91 1.72
4236 ..Electrical 68,953 69,197 60,849 ‐0.4 ‐0.9 13.3 82,835 80,397 61,007 3.0 2.4 35.8 1.20 1.16 1.00
4237 ..Hardware 18,593 18,423 16,460 0.9 0.8 13.0 46,932 46,576 34,045 0.8 2.9 37.9 2.52 2.53 2.07
4238 ..Machinery 50,859 49,601 43,341 2.5 2.7 17.3 123,324 120,166 103,786 2.6 2.2 18.8 2.42 2.42 2.39
4239 ..Misc. Durable 30,925 32,236 29,393 ‐4.1 ‐6.2 5.2 44,911 44,919 36,060 0.0 0.8 24.5 1.45 1.39 1.23
424 .Nondurable 386,525 376,418 301,080 2.7 2.1 28.4 354,672 349,739 287,653 1.4 1.7 23.3 0.92 0.93 0.96
4241 ..Paper 9,415 9,300 7,613 1.2 ‐0.1 23.7 9,921 9,671 8,866 2.6 2.0 11.9 1.05 1.04 1.16
4242 ..Drugs 77,384 75,709 68,049 2.2 1.9 13.7 82,547 80,578 75,006 2.4 0.8 10.1 1.07 1.06 1.10
4243 ..Apparel 14,647 14,691 14,568 ‐0.3 ‐0.2 0.5 38,549 36,831 24,097 4.7 3.2 60.0 2.63 2.51 1.65
4244 ..Groceries 71,946 71,492 64,173 0.6 0.7 12.1 56,883 56,253 45,596 1.1 2.0 24.8 0.79 0.79 0.71
4245 ..Farm products 31,134 29,761 21,647 4.6 1.6 43.8 39,440 40,494 31,794 ‐2.6 ‐0.8 24.0 1.27 1.36 1.47
3
4246 ..Chemicals 14,675 14,747 11,778 ‐0.5 3.0 24.6 16,126 15,699 12,945 2.7 ‐0.1 24.6 1.10 1.06 1.10
4247 ..Petroleum 118,947 111,925 70,480 6.3 3.2 68.8 31,750 32,102 25,498 ‐1.1 6.7 24.5 0.27 0.29 0.36
4248 ..Alcohol 15,487 16,023 15,511 ‐3.3 ‐0.7 ‐0.2 21,037 20,210 17,999 4.1 0.5 16.9 1.36 1.26 1.16
4249 ..Misc. Nondur. 32,890 32,770 27,261 0.4 4.8 20.6 58,419 57,901 45,852 0.9 1.8 27.4 1.78 1.77 1.68
Not Adjusted Sales to date
2022 2021
42 U.S. Total 749,234 716,240 621,597 4.6 3.7 20.5 886,291 874,639 704,649 1.3 0.5 25.8 4,102,824 3,360,236
423 .Durable 343,511 322,709 305,742 6.4 1.5 12.4 541,579 530,672 426,514 2.1 2.0 27.0 1,901,117 1,632,332
4231 ..Automotive 47,976 44,115 44,796 8.8 ‐0.5 7.1 74,938 72,915 61,530 2.8 0.9 21.8 265,274 248,318
4232 ..Furniture 11,396 10,910 10,041 4.5 1.3 13.5 21,961 21,155 14,681 3.8 5.4 49.6 63,649 53,752
4233 ..Lumber 25,449 24,082 21,512 5.7 3.2 18.3 37,692 36,884 28,818 2.2 ‐0.9 30.8 136,337 107,489
4234 ..Prof. equip. 55,797 48,797 52,267 14.3 0.7 6.8 62,908 62,103 53,008 1.3 2.0 18.7 304,092 272,838
42343 ...Comp. equip. 30,132 24,472 27,515 23.1 0.1 9.5 23,493 23,254 19,191 1.0 3.9 22.4 156,284 138,052
4235 ..Metals 25,188 24,520 20,452 2.7 1.0 23.2 45,873 44,798 33,344 2.4 2.7 37.6 145,154 105,455
4236 ..Electrical 71,022 67,259 62,127 5.6 3.7 14.3 82,172 79,754 60,641 3.0 2.5 35.5 396,134 334,399
4237 ..Hardware 21,233 19,455 18,847 9.1 6.7 12.7 47,307 47,601 34,249 ‐0.6 2.9 38.1 109,868 95,257
4238 ..Machinery 54,216 51,238 46,072 5.8 3.2 17.7 124,311 121,127 104,616 2.6 2.5 18.8 291,560 249,012
4239 ..Misc. Durable 31,234 32,333 29,628 ‐3.4 ‐5.1 5.4 44,417 44,335 35,627 0.2 0.9 24.7 189,049 165,812
424 .Nondurable 405,723 393,531 315,855 3.1 5.7 28.5 344,712 343,967 278,135 0.2 ‐1.8 23.9 2,201,707 1,727,904
4241 ..Paper 9,660 9,495 7,841 1.7 3.6 23.2 10,109 9,652 9,008 4.7 1.4 12.2 54,430 44,439
4242 ..Drugs 80,170 75,558 70,431 6.1 5.4 13.8 82,877 78,725 74,181 5.3 ‐2.6 11.7 441,947 398,939
4243 ..Apparel 14,222 14,441 14,160 ‐1.5 6.0 0.4 38,973 35,505 24,386 9.8 4.3 59.8 85,350 77,952
4244 ..Groceries 73,817 74,352 65,777 ‐0.7 5.0 12.2 56,428 55,634 45,094 1.4 2.4 25.1 421,859 363,832
4245 ..Farm products 30,978 30,207 21,560 2.6 2.8 43.7 30,763 36,364 24,831 ‐15.4 ‐16.3 23.9 172,554 128,363
4246 ..Chemicals 15,409 15,189 12,414 1.4 6.4 24.1 16,126 15,699 12,945 2.7 ‐0.1 24.6 86,224 67,357
4247 ..Petroleum 126,798 118,529 75,555 7.0 6.2 67.8 33,083 33,450 26,492 ‐1.1 8.1 24.9 644,004 385,938
4248 ..Alcohol 17,733 16,600 17,776 6.8 6.5 ‐0.2 21,205 20,574 18,143 3.1 0.7 16.9 91,341 87,876
4249 ..Misc. Nondur. 36,936 39,160 30,341 ‐5.7 7.9 21.7 55,148 58,364 43,055 ‐5.5 ‐4.3 28.1 203,998 173,208
Footnotes:
p
Preliminary estimate

r
Revised estimate

1
For a full description of the NAICS codes used in this table, see the 2012 NAICS manual or

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

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

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

Source: U.S. Census Bureau, Monthly Wholesale Trade Survey, August 10, 2022

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.]
Standard
Coefficient of variation error for
Coefficient of variation for monthly total Standard error for monthly total
for total percent
change
NAICS Ratio of two consecutive Current month to Current
Kind of Business Preliminary estimates Final estimates Sales to date
code months current month last year year sales
to date to
previous
Current Previous year sales
Sales Inv. Sales Inv. Sales Inv. Sales Inv

year year to date
42 U.S. Total 1.2 1.7 1.3 1.7 0.2 0.2 0.5 0.7 1.2 1.2 0.6
423 .Durable 1.6 2.6 1.6 2.6 0.2 0.2 0.7 1.1 1.6 1.8 0.7
4231 ..Automotive 3.9 5.8 3.9 5.8 0.9 0.3 1.2 3.1 3.8 3.7 1.1
4232 ..Furniture 4.2 6.8 3.9 6.7 1.6 1.1 4.1 4.0 3.7 3.6 3.0
4233 ..Lumber 5.9 6.4 5.6 6.2 0.9 0.7 3.0 2.9 5.4 5.1 1.9
4234 ..Prof. equip. 3.8 5.4 3.8 5.4 0.6 0.3 1.2 1.8 3.6 3.4 1.0
42343 ...Comp. equip. 3.7 2.7 3.4 2.7 1.0 0.3 2.0 2.1 3.3 3.0 1.2
4235 ..Metals 6.1 5.8 5.9 5.6 0.7 0.6 2.5 3.3 5.8 5.0 2.1
4236 ..Electrical 3.1 5.5 3.4 5.6 0.8 0.4 1.9 2.4 3.4 3.8 1.7
4237 ..Hardware 5.9 10.3 5.8 10.1 0.9 0.3 1.5 3.1 5.5 4.7 1.9
4238 ..Machinery 2.9 3.8 2.9 3.8 1.0 0.3 2.4 1.5 2.8 3.1 1.7
4239 ..Misc. Durable 4.8 6.3 4.6 5.8 1.1 0.8 3.0 2.0 4.8 5.4 2.6
424 .Nondurable 1.6 1.5 1.6 1.6 0.3 0.4 0.9 0.8 1.6 1.0 1.2
4241 ..Paper 3.3 7.7 3.6 7.7 1.0 0.2 2.0 2.3 3.2 3.0 1.3
4242 ..Drugs 2.1 4.9 2.3 5.1 0.3 0.3 0.4 1.6 2.2 2.2 0.4
4243 ..Apparel 9.1 6.7 7.7 6.9 1.8 0.6 3.6 2.7 7.6 6.9 2.7
4244 ..Groceries 3.8 3.8 3.7 3.6 0.5 0.5 1.0 2.1 3.6 3.3 0.8
4245 ..Farm products 4.2 5.5 4.0 5.4 0.9 0.8 4.2 2.1 3.4 3.0 2.7
4246 ..Chemicals 4.8 9.0 4.6 8.7 1.1 0.5 2.6 3.9 4.6 4.5 3.0
4247 ..Petroleum 5.4 5.7 5.5 6.6 0.3 0.8 1.4 1.0 5.7 4.2 2.6
4248 ..Alcohol 8.1 10.4 8.4 10.4 1.2 0.5 2.1 2.9 8.1 8.2 1.6
4249 ..Misc. Nondur. 5.6 6.2 6.0 6.7 1.4 0.9 2.9 3.1 6.1 5.8 2.6
Note:
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

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

Source: U.S. Census Bureau, Monthly Wholesale Trade Survey, August 10, 2022

1
Table 3. Combined 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.]
NAICS Kind of Sales Inventories
code Business 2022 2021 2022 2021
Jul. Jun.r May r Apr. Mar. Jun.r Jul. Jun.r May r Apr. Mar. Jun.r
2
42 U.S. Total 0.968 1.058 1.028 1.003 1.085 1.058 0.985 0.988 0.993 1.009 1.014 0.987
423 .Durable 0.953 1.067 1.008 0.988 1.084 1.065 1.007 1.001 1.002 1.004 1.002 1.002
4231 ..Automotive 0.968 1.051 1.021 1.000 1.097 1.056 1.001 1.002 1.000 1.016 1.014 0.999
4232 ..Furniture 1.004 1.062 0.987 0.958 1.084 1.065 1.028 0.994 0.982 0.967 0.971 0.994
4233 ..Lumber 0.982 1.137 1.075 1.035 1.065 1.125 1.013 1.019 1.021 1.039 1.037 1.018
4234 ..Prof. equip. 0.940 1.096 0.956 0.940 1.090 1.091 1.011 1.001 1.000 0.990 0.977 1.005
42343 ...Comp. equip. 0.963 1.135 0.926 0.932 1.085 1.127 0.999 1.009 1.002 0.979 0.962 1.008
4235 ..Metals 0.945 1.047 1.036 1.042 1.132 1.054 1.012 0.997 0.992 0.996 1.002 0.999
4236 ..Electrical 0.926 1.030 0.972 0.929 1.054 1.021 1.010 0.992 0.992 0.991 0.980 0.994
4237 ..Hardware 1.024 1.142 1.056 0.997 1.057 1.145 1.003 1.008 1.022 1.022 1.020 1.006
4238 ..Machinery 0.953 1.066 1.033 1.028 1.096 1.063 1.014 1.008 1.008 1.005 1.008 1.008
4239 ..Misc. Durable 0.900 1.010 1.003 0.992 1.087 1.008 1.007 0.989 0.987 0.986 0.984 0.988
424 .Nondurable 0.979 1.052 1.048 1.015 1.080 1.050 0.956 0.974 0.986 1.019 1.040 0.970
4241 ..Paper 0.956 1.026 1.021 0.985 1.073 1.030 1.011 1.019 0.998 1.004 0.993 1.016
4242 ..Drugs 0.950 1.036 0.998 0.965 1.065 1.035 0.994 1.004 0.977 1.011 1.015 0.989
4243 ..Apparel 0.949 0.971 0.983 0.926 1.068 0.972 1.054 1.011 0.964 0.954 0.956 1.012
4244 ..Groceries 0.984 1.026 1.040 0.998 1.052 1.025 1.000 0.992 0.989 0.985 0.989 0.989
4245 ..Farm products 0.883 0.995 1.015 1.003 1.127 0.996 0.687 0.780 0.898 1.064 1.151 0.781
4246 ..Chemicals3 0.968 1.050 1.030 0.997 1.070 1.054 1.000 1.000 1.000 1.000 1.000 1.000
4247 ..Petroleum 1.041 1.066 1.059 1.029 1.052 1.072 1.011 1.042 1.042 1.029 1.041 1.039
4248 ..Alcohol 0.945 1.145 1.036 0.966 1.005 1.146 1.014 1.008 1.018 1.016 0.991 1.008
4249 ..Misc. Nondur. 0.937 1.123 1.195 1.161 1.202 1.113 0.899 0.944 1.008 1.072 1.125 0.939
Footnotes:
r
Revised factors

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

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

Note:
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

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

Source: U.S. Census Bureau, Monthly Wholesale Trade Survey, August 10, 2022

WebEconomic Indicators Division, Wholesale Indicator Branch Public Information Office 301-763-6856 Rebecca Weaver 301-763-3030 [email protected] …