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US business inventories increased by 0.9% month-over-month in March 2026, following a 0.4% rise in February and slightly exceeding market expectations of a 0.8% gain. This was the strongest monthly buildup in inventories since June 2022, driven primarily by merchant wholesalers, whose stocks climbed 1.3% after a 0.9% increase in February. Inventories also rose for manufacturers, up 0.6% compared with 0.1% previously, and for retailers, up 0.6% after being flat in the prior month. On a yearly basis, total business inventories were 2% higher in March.
