Wholesale trade dipped slightly in November compared to the same month a year ago but improved compared with October, according to the latest report from the U.S. Census Bureau.

November 2020 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 $496.7 billion, down 0.2% from the revised November 2019 level but up 0.2% from the revised October level. The September 2020 to October 2020 percent change was revised from the preliminary estimate of up 1.8% to up 1.7%.

Total inventories of merchant wholesalers, except manufacturers’ sales branches and offices, after adjustment for seasonal variations but not for price changes, were $649.8 billion at the end of November, down 2.1% from the revised November 2019 level and virtually unchanged from the revised October level. The October 2020 to November 2020 percent change was revised from the advance estimate of down 0.1% to virtually unchanged.

The November inventories/sales ratio for merchant wholesalers, except manufacturers’ sales branches and offices, based on seasonally adjusted data, was 1.31. The November 2019 ratio was 1.33.