Total inventories of merchant wholesalers, except manufacturers' sales branches and offices, after adjustment for seasonal variations but not for price changes, were $602.4 billion at the end of July, up 0.6 percent from the revised June level. Total inventories were up 3.3 percent from the revised July 2016 level. The June 2017 to July 2017 percent change was revised from the advance estimate of up 0.4 percent to up 0.6 percent.

The July inventories/sales ratio for merchant wholesalers, except manufacturers' sales branches and offices, based on seasonally adjusted data, was 1.30. The July 2016 ratio was 1.33.