US business inventories increased 0.3% month-over-month in October 2025, marking the fastest growth since January 2025 and exceeding market expectations of 0.2%. This follows an upwardly revised 0.3% gain in September. Retailer inventories led the increase, climbing 0.6%, up from 0.5% the previous month. Manufacturers’ inventories remained flat after a 0.1% decline in September, while wholesale inventories rose 0.2%, moderating from a 0.5% gain. On a year-over-year basis, total business inventories grew 1.4% in October.