Government data indicated that growth considerably accelerated vs. April, both month-to-month and year-over-year.
The U.S. Census Bureau released its monthly wholesale trade report for May on July 10, showing that industry sales accelerated vs. a month earlier and year-over-year.
The figures showed that May 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 $666.7 billion. That was up 0.4% from the revised April level and up 1.9% year-over-year.
Here’s how May U.S. merchant wholesaler sales fared in durable goods categories:
| Category & May ‘24 Total | vs. April ’24 | vs. May ‘23 |
| Automotive, $52.90B | -1.0% | +4.0% |
| Furniture, $8.71B | -3.0% | -8.5% |
| Lumber, $17.65B | -1.8% | -6.7% |
| Professional Equipment, $50.30B | +0.2% | +2.4% |
| Computer Equipment, $23.92B | +0.8% | -1.5% |
| Metals, $18.17B | -1.3% | –9.8% |
| Electrical, $68.72B | +3.6% | +8.3% |
| Hardware, $19.78B | +1.1% | +5.5% |
| Machinery, $51.34B | +0.1% | +0.8% |
| Miscellaneous, $26.22B | -0.6% | -3.3% |
Inventories
The report showed that total inventories for merchant wholesalers ended May at $901.7 billion, up 0.6% from April’s unrevised mark (also up 0.6%), and down 0.5% year-over-year.
Inventories/Sales Ratio
The May inventories/sales ratio for merchant wholesalers was 1.35, matching April and down from May 2023’s 1.39.
Stay tuned for the latest monthly MDM Forecast that reflects Census Bureau data through May 2024. Here’s our forecast issued in June.
And if you haven’t yet, be sure to check out MDM’s 2024 Mid-Year Outlook webcast that aired June 27. Here’s our recap blog of it.
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