FOR RELEASE AT 10:00 AM EST, TUESDAY, DECEMBER 17, 2024

MANUFACTURING AND TRADE INVENTORIES AND SALES, OCTOBER 2024

Release Number: CB24-202
December 17, 2024 — The U.S. Census Bureau announced the following new manufacturing and trade
statistics for October 2024:
Total Business Inventories / Sales Ratios: 2015 to 2024

BUSINESS INVENTORIES 1.80

1.75
1.70
1.65
OCTOBER 2024 $2,587.0 billion +0.1%* 1.60
1.55
SEPTEMBER 2024 1.50
$2,584.3 billion 0.0%* 1.45
(revised)
1.40
1.35
Next release: January 16, 2025 1.30
* The 90 percent confidence interval includes zero. There is insufficient evidence 1.25
to conclude that the actual change is different from zero. 1.20
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Data adjusted for seasonality but not price changes.
Source: U.S. Census Bureau, Manufacturing and Trade Inventories and Sales, December 17, 2024.
Source: U.S. Census Bureau, Manufacturing and Trade Inventories and Sales,
(Data adjusted for seasonal, holiday and trading day differences but not for price changes)
December 17, 2024.

Sales
The combined value of distributive trade sales and manufacturers’ shipments for October, adjusted for
seasonal and trading day differences but not for price changes, was estimated at $1,883.0 billion, virtually
unchanged (±0.2 percent)* from September 2024, but was up 1.7 percent (±0.3 percent) from October 2023.
Inventories
Manufacturers’ and trade inventories for October, adjusted for seasonal and trading day differences but not
for price changes, were estimated at an end-of-month level of $2,587.0 billion, up 0.1 percent (±0.1 percent)*
from September 2024 and were up 2.4 percent (±0.3 percent) from October 2023.
Inventories/Sales Ratio
The total business inventories/sales ratio based on seasonally adjusted data at the end of October was 1.37.
The October 2023 ratio was 1.36.
General Information
The November 2024 Manufacturing and Trade Inventories and Sales Report is scheduled for release on
January 16, 2025. View the full schedule in the Economic Briefing Room: <www.census.gov/economic-
indicators/>.

Data Inquiries Media Inquiries

Economic Indicators Division Public Information Office
Retail: 301-763-2713 eid.retail.indicator.branch@census.gov 301-763-3030
Wholesale: 301-763-6856 eid.wholesale.indicator.branch@census.gov pio@census.gov
Manufacturing: 301-763-4832 eid.m3.qs@census.gov
Intention to Revise: Monthly retail estimates will be revised to reflect historical corrections and will reflect the
restated results of the 2022 Annual Retail Trade Survey. Estimates will be restated to incorporate the 2017
North American Industry Classification System (NAICS) changes. In addition to the 2017 NAICS changes, the
restated data will represent employer-only firms to be aligned with the Annual Integrated Economic Survey
(AIES) and the Economic Census. For a detailed description of these changes, please see the Restatement
Summary. Publication tables will be reformatted to incorporate the 2017 NAICS definitions. Revisions to the
retail estimates will be reflected in the March 2025 MTIS release scheduled for May 15, 2025 at 10:00 a.m.
EDT.
EXPLANATORY NOTES
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> and
<www.census.gov/retail/mrts_weather_faqs.html>.
Reliability of Estimates
The sampling variability for retailers and merchant wholesalers can be used to construct a 90 percent
confidence interval for the estimates. Over all possible samples, 90 percent of such intervals will cover the
true estimate. These intervals are given in parentheses for the estimates on the front page. If, for example, the
estimate is up 0.8 percent and the margin of sampling error is ±1.2 percent, the 90 percent confidence interval
is -0.4 percent to +2.0 percent. If the range contains 0, it is uncertain whether there was an increase or
decrease. Measures of reliability for Retail and Wholesale sales and inventory levels and changes are included
in the detailed monthly press releases for those Industries. Manufacturers do not contribute to estimates of
sampling variability because the manufacturer’s mail panel is not a probability sample from a known frame
and standard errors of the industry estimates cannot be calculated. Estimates from all three surveys are also
subject to nonsampling errors, which can arise in any stage of the survey. Such errors include coverage error
(failure to accurately represent all population units in the sample) response errors, coding errors, and
nonresponse. Although no direct measurement of these errors has been obtained, precautionary steps were
taken in all phases of the collection, processing, and tabulation of the data to minimize their influence.
Description of the Survey
The Manufacturing and Trade Inventories and Sales estimates are based on data from three surveys: the
Monthly Retail Trade Survey, the Monthly Wholesale Trade Survey, and the Manufacturers’ Shipments,
Inventories, and Orders Survey. Data for the wholesale and manufacturing sectors are unrevised from the
most recent Monthly Wholesale Trade Report and the Full Report on Manufacturers’ Shipments, Inventories
and orders. Data from the Retail sector is revised and presented in more detail from the most recent Advance
Economic Indicators Report. For more information on these surveys see the links below:
<www.census.gov/retail/>, <www.census.gov/wholesale/>, and <www.census.gov/manufacturing/m3/>.

Data Inquiries Media Inquiries

Economic Indicators Division Public Information Office
Retail: 301-763-2713 eid.retail.indicator.branch@census.gov 301-763-3030
Wholesale: 301-763-6856 eid.wholesale.indicator.branch@census.gov pio@census.gov
Manufacturing: 301-763-4832 eid.m3.qs@census.gov
The Census Bureau has reviewed this data product to ensure appropriate access, use, and disclosure
avoidance protection of the confidential source data, (Project No. P-7504206, Disclosure Review Board (DRB)
approval number: CBDRB‑FY25‑0002), (Project No. 7503922, Disclosure Review Board (DRB) approval number:
CBDRB-FY25-0004), (Project No. P-6000307, Disclosure Review Board (DRB) approval number: CBDRB-FY24-
0254).
RESOURCES
API
The Census Bureau’s application programming interface lets developers create custom apps to reach new
users and makes key statistics more accessible than ever before. <www.census.gov/developers/>

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.

Data Inquiries Media Inquiries

Economic Indicators Division Public Information Office
Retail: 301-763-2713 eid.retail.indicator.branch@census.gov 301-763-3030
Wholesale: 301-763-6856 eid.wholesale.indicator.branch@census.gov pio@census.gov
Manufacturing: 301-763-4832 eid.m3.qs@census.gov
Table 1. Estimated Monthly Sales and Inventories for Manufacturers, Retailers, and Merchant Wholesalers
(In millions of dollars)

Sales Inventories Inventories/Sales Ratios

Oct. 2024 Sep. 2024 Oct. 2023 Oct. 2024 Sep. 2024 Oct. 2023 Oct. 2024 Sep. 2024 Oct. 2023

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

Adjusted1

Total business……………………… 1,882,995 1,882,615 1,851,399 2,586,987 2,584,344 2,526,532 1.37 1.37 1.36

Manufacturers²…………………… 585,376 586,598 576,419 856,844 857,285 856,209 1.46 1.46 1.49

Retailers³……………………………… 622,551 620,104 606,170 825,120 823,759 773,695 1.33 1.33 1.28

Merchant wholesalers⁴………… 675,068 675,913 668,810 905,023 903,300 896,628 1.34 1.34 1.34

Not Adjusted

Total business……………………… 1,967,365 1,863,788 1,894,377 2,623,346 2,582,807 2,559,601 1.33 1.39 1.35

Manufacturers²…………………… 607,210 600,237 591,450 858,282 855,912 858,484 1.41 1.43 1.45

Retailers³……………………………… 632,377 589,777 604,435 857,780 832,759 803,710 1.36 1.41 1.33

Merchant wholesalers⁴………… 727,778 673,774 698,492 907,284 894,136 897,407 1.25 1.33 1.28

(p) Preliminary estimate.

(r) Revised estimate.
Data adjusted for seasonality and trading day differences, but not for price changes. Explanations of confidence intervals and sampling variability can be found
on our website at <www.census.gov/mtis/how_surveys_are_collected.html>.
Source: U.S. Census Bureau, Manufacturing and Trade Inventories and Sales, December 17, 2024.

Table 2. Percent Changes for Sales and Inventories -- Manufacturers, Retailers, and Merchant Wholesalers

Adjusted Not Adjusted

Sales Inventories Sales Inventories

Oct. 24/ Sep. 24/ Oct. 24/ Oct. 24/ Sep. 24/ Oct. 24/ Oct. 24/ Sep. 24/ Oct. 24/ Oct. 24/ Sep. 24/ Oct. 24/

Sep. 24 Aug. 24 Oct. 23 Sep. 24 Aug. 24 Oct. 23 Sep. 24 Aug. 24 Oct. 23 Sep. 24 Aug. 24 Oct. 23

Total business………………………… 0.0 0.3 1.7 0.1 0.0 2.4 5.6 -3.5 3.9 1.6 0.8 2.5

Manufacturers2……………………… -0.2 -0.4 1.6 -0.1 -0.3 0.1 1.2 -1.5 2.7 0.3 -0.7 0.0

Retailers3………………………………… 0.4 0.9 2.7 0.2 0.7 6.6 7.2 -6.9 4.6 3.0 3.1 6.7

Merchant wholesalers4…………… -0.1 0.5 0.9 0.2 -0.2 0.9 8.0 -2.0 4.2 1.5 0.2 1.1

See footnotes and notes at the end of Table 3.

Data adjusted for seasonality and trading day differences, but not for price changes. Explanations of confidence intervals and sampling variability can be found on our website at
<www.census.gov/mtis/how_surveys_are_collected.html>.
Source: U.S. Census Bureau, Manufacturing and Trade Inventories and Sales, December 17, 2024.
Table 3. Estimated Monthly Retail Sales, Inventories, and Inventories/Sales Ratios, By Kind of Business
(In millions of dollars)

3
Sales Inventories Percent Change Inventories/Sales
NAICS Kind of Business In Inventories Ratios
Code Oct. 2024 Sep. 2024 Oct. 2023 Oct. 2024 Sep. 2024 Oct. 2023 Oct. 24/ Sep. 24/ Oct. 24/ Oct. 24 Sep. 24 Oct. 23

(p) (r) (r) (p) (r) (r) Sep. 24 Aug. 24 Oct. 23 (p) (r) (r)

Adjusted 1
Retail trade, total……………………………………………………………… 622,551 620,104 606,170 825,120 823,759 773,695 0.2 0.7 6.6 1.33 1.33 1.28

Total (excl. motor veh. & parts)……………………………………… 485,462 485,404 473,957 549,679 548,923 541,241 0.1 0.1 1.6 1.13 1.13 1.14

441 Motor vehicle & parts dealers…………………………………………..… 137,089 134,700 132,213 275,441 274,836 232,454 0.2 1.8 18.5 2.01 2.04 1.76

442,3 Furniture,home furn., elect. & appl. stores…………………………… 18,891 18,797 18,771 29,418 29,484 30,969 -0.2 0.1 -5.0 1.56 1.57 1.65

444 Building materials, garden equip & supplies………………………… 42,077 41,744 40,774 80,113 79,981 79,629 0.2 0.4 0.6 1.90 1.92 1.95

445 Food & beverage stores…………………………………………..…………… 83,877 83,962 82,041 62,076 61,972 61,430 0.2 -0.4 1.1 0.74 0.74 0.75

448 Clothing & clothing access. stores…………………………………..…… 26,380 26,264 25,454 61,223 61,235 59,669 0.0 0.7 2.6 2.32 2.33 2.34

452 General merchandise stores…………………………………………..…… 76,187 76,190 73,948 97,915 98,329 96,625 -0.4 -0.7 1.3 1.29 1.29 1.31

4521 Dept. strs. (excl. leased depts.)………………………………………… 10,881 10,887 10,884 21,555 22,016 21,362 -2.1 -0.3 0.9 1.98 2.02 1.96

Not Adjusted
Retail trade, total…………………………………………..…………………… 632,377 589,777 604,435 857,780 832,759 803,710 3.0 3.1 6.7 1.36 1.41 1.33

Total (excl. motor veh. & parts)……………………………………… 494,662 461,309 475,456 581,541 562,613 571,818 3.4 3.2 1.7 1.18 1.22 1.20

441 Motor vehicle & parts dealers…………………………………………..… 137,715 128,468 128,979 276,239 270,146 231,892 2.3 2.8 19.1 2.01 2.10 1.80

442,3 Furniture,home furn., elect. & appl. stores…………………………… 18,802 18,298 18,335 31,713 29,956 33,447 5.9 3.0 -5.2 1.69 1.64 1.82

444 Building materials, garden equip & supplies………………………… 45,075 40,357 41,941 79,552 79,021 78,992 0.7 1.2 0.7 1.76 1.96 1.88

445 Food & beverage stores…………………………………………..…………… 84,273 81,116 81,437 64,199 61,960 63,397 3.6 0.9 1.3 0.76 0.76 0.78

448 Clothing & clothing access. stores…………………………………..…… 25,184 23,088 23,933 65,815 63,868 64,084 3.0 4.6 2.7 2.61 2.77 2.68

452 General merchandise stores………………………………………………… 76,276 71,583 73,832 108,728 104,065 107,005 4.5 4.9 1.6 1.43 1.45 1.45

4521 Dept. strs. (excl. leased depts.)………………………………………… 10,448 9,870 10,342 25,801 24,394 25,570 5.8 12.1 0.9 2.47 2.47 2.47

(p) Preliminary estimate.

(r) Revised estimate.

1
Adjusted for seasonal variations, trading day differences, and, in the case of sales, for holiday variations. Concurrent seasonal adjustment is being used to adjust all sales, shipment and inventory estimates. Concurrent seasonal
adjustment uses all available unadjusted estimates as input to the X-13ARIMA-SEATS program. The factors derived from the program are applied to the current and previous month estimates and for retail and wholesale
estimates a year ago as well. For retail sales, concurrent seasonal adjustment is also used to adjust the advance estimates (published one month before the preliminary estimates) and the estimates one year before the advance
month. This explains the revision to retail estimates from a year ago.
2
Manufacturers sales refer to the value of shipments by manufacturers. The shipments data from individual manufacturers are adjusted prior to tabulation for the number of trading days as well as for any variations in the length
of the reporting period.

3
Adjusted and not adjusted inventories for aggregate levels retail trade total, total excluding motor vehicles and parts, and motor vehicle and parts dealers are revised from the Advance Economic Indicators Report.

4
The 2012 North American Industry Classification System (NAICS) defines merchant wholesalers as including manufacturers' sales branches and offices. However, the estimates included in this release exclude manufacturers'
sales branches and offices. Note that this is not a change in coverage from prior releases and is consistent with the description used in the Monthly Wholesale Trade Survey data products.
Data adjusted for seasonality and trading day differences, but not for price changes. Explanations of confidence intervals and sampling variability can be found on our website at
<www.census.gov/mtis/how_surveys_are_collected.html>.
Source: U.S. Census Bureau, Manufacturing and Trade Inventories and Sales, December 17, 2024.