Total inventories of merchant wholesalers, except manufacturers' sales branches and offices, after adjustment for seasonal variations but not for price changes, were $600.0 billion at the end of January, down 0.2 percent from the revised December level. Total inventories are up 2.2 percent from the revised January 2016 level. The December 2016 to January 2017 percent change was revised from the advance estimate of down 0.1 percent to down 0.2 percent.

The January inventories/sales ratio for merchant wholesalers, except manufacturers' sales branches and offices, based on seasonally adjusted data, was 1.29. The January 2016 ratio was 1.37.