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US business inventories slipped by 0.1% month-over-month in January 2026, following a revised flat reading in December and contrary to market expectations of a 0.1% increase. Stock levels fell at merchant wholesalers (-0.5% vs -0.1% in December), more than offsetting inventory gains at retailers (0.3% vs 0.1%) and manufacturers (0.1% vs 0.1%). On an annual basis, total business inventories were up 1%.
