Table 1. ESTIMATED MONTHLY SALES AND INVENTORIES FOR MANUFACTURERS, RETAILERS, AND MERCHANT WHOLESALERS DATA MONTH 01 2004 -------------SALES------------- ----------INVENTORIES---------- INVENTORIES/SALES RATIOS Jan. 2004 Dec. 2003 Jan. 2003 Jan. 2004 Dec. 2003 Jan. 2003 Jan. 2004 Dec. 2003 Jan. 2003 (p) (r) (s) (p) (r) (s) ADJUSTED TOTAL BUSINESS 896,627 893,201 842,768 1,193,816 1,192,214 1,171,808 1.33 1.33 1.39 MANUFACTURERS 350,087 348,485 329,665 439,411 438,584 444,220 1.26 1.26 1.35 RETAILERS 293,424 293,190 277,855 458,618 458,195 439,016 1.56 1.56 1.58 MERCHANT WHOLESALERS 253,116 251,526 235,248 295,787 295,435 288,572 1.17 1.17 1.23 NOT ADJUSTED TOTAL BUSINESS 825,113 946,733 782,104 1,188,955 1,179,901 1,166,373 1.44 1.25 1.49 MANUFACTURERS 319,666 345,976 301,776 437,389 428,176 442,409 1.37 1.24 1.47 RETAILERS 266,474 343,390 252,558 450,979 453,551 431,453 1.69 1.32 1.71 MERCHANT WHOLESALERS 238,973 257,367 227,770 300,587 298,174 292,511 1.26 1.16 1.28 (p) preliminary. (r) revised. (s) Adjusted data were revised due to concurrent seasonal adjustment. No revisions were made to Not Adjusted data. Table 2. PERCENT CHANGES FOR SALES AND INVENTORIES - MANUFACTURERS, RETAILERS, AND MERCHANT WHOLESALERS DATA MONTH 01 2004 ADJUSTED NOT ADJUSTED --------------SALES--------------- -----------INVENTORIES------------ --------------SALES--------------- -----------INVENTORIES------------ Jan. 2004/ Dec. 2003/ Jan. 2004/ Jan. 2004/ Dec. 2003/ Jan. 2004/ Jan. 2004/ Dec. 2003/ Jan. 2004/ Jan. 2004/ Dec. 2003/ Jan. 2004/ Dec. 2003 Nov. 2003 Jan. 2003 Dec. 2003 Nov. 2003 Jan. 2003 Dec. 2003 Nov. 2003 Jan. 2003 Dec. 2003 Nov. 2003 Jan. 2003 TOTAL BUSINESS 0.4 1.4 6.4 0.1 0.3 1.9 -12.8 10.8 5.5 0.8 -3.4 1.9 MANUFACTURERS 0.5 2.1 6.2 0.2 0.1 -1.1 -7.6 3.8 5.9 2.2 -2.6 -1.1 RETAILERS 0.1 0.4 5.6 0.1 0.3 4.5 -22.4 20.0 5.5 -0.6 -6.7 4.5 MERCHANT WHOLESALERS 0.6 1.5 7.6 0.1 0.6 2.5 -7.1 9.7 4.9 0.8 0.6 2.8 (p) preliminary. (r) revised. (s) Adjusted data were revised due to concurrent seasonal adjustment. No revisions were made to Not Adjusted data. Table 3. ESTIMATED MONTHLY RETAIL SALES, INVENTORIES, AND INVENTORIES/SALES RATIOS, BY KIND OF BUSINESS DATA MONTH 01 2004 -------------SALES------------- ----------INVENTORIES---------- PERCENT CHANGE IN INVENTORIES INVENTORIES/SALES RATIOS KIND OF BUSINESS Jan. 2004 Dec. 2003 Jan. 2003 Jan. 2004 Dec. 2003 Jan. 2003 Jan. 2004/ Dec. 2003/ Jan. 2004/ (p) (r) (s) (p) (r) (s) Dec. 2003 Nov. 2003 Jan. 2003 Jan. 2004 Dec. 2003 Jan. 2003 ADJUSTED 44,45 RETAIL TRADE, TOTAL 293,424 293,190 277,855 458,618 458,195 439,016 0.1 0.3 4.5 1.56 1.56 1.58 44,45-441 TOTAL EXCL. MOTOR VEHICLE AND PARTS DEALERS 218,139 215,615 204,016 299,382 299,416 289,902 0.0 0.4 3.3 1.37 1.39 1.42 441 MOTOR VEHICLE AND PARTS DEALERS 75,285 77,575 73,839 159,236 158,779 149,114 0.3 0.2 6.8 2.12 2.05 2.02 442,443 FURNITURE,HOME FURN.,ELECTRONICS, APPL.STORES 17,064 16,952 15,484 28,376 28,509 26,364 -0.5 0.4 7.6 1.66 1.68 1.70 444 BUILDING MATL. & GARDEN EQUIPMENT & SUPPLY STORES 28,036 28,312 25,819 47,656 47,337 42,791 0.7 1.3 11.4 1.70 1.67 1.66 445 FOOD AND BEVERAGE STORES 43,596 42,720 41,884 34,635 34,522 34,221 0.3 -0.4 1.2 0.79 0.81 0.82 448 CLOTHING AND ACCESSORY STORES 15,673 15,347 14,632 36,434 36,656 36,620 -0.6 -0.2 -0.5 2.32 2.39 2.50 452 GENERAL MERCHANDISE 41,246 40,739 38,008 68,063 67,939 66,204 0.2 1.3 2.8 1.65 1.67 1.74 4521 DEPARTMENT STORES (EXCL. LEASED DEPTS.) 18,189 18,059 18,198 36,127 35,898 37,360 0.6 -0.5 -3.3 1.99 1.99 2.05 NOT ADJUSTED 44,45 RETAIL TRADE, TOTAL 266,474 343,390 252,558 450,979 453,551 431,453 -0.6 -6.7 4.5 1.69 1.32 1.71 44,45-441 TOTAL EXCL. MOTOR VEHICLE AND PARTS DEALERS 199,979 270,908 186,721 288,199 291,035 278,799 -1.0 -10.7 3.4 1.44 1.07 1.49 441 MOTOR VEHICLE AND PARTS DEALERS 66,495 72,482 65,837 162,780 162,516 152,654 0.2 1.7 6.6 2.45 2.24 2.32 442,443 FURNITURE,HOME FURN.,ELECTRONICS, APPL.STORES 15,942 23,959 14,464 27,525 28,395 25,573 -3.1 -12.5 7.6 1.73 1.19 1.77 444 BUILDING MATL. & GARDEN EQUIPMENT & SUPPLY STORES 22,490 25,531 21,085 46,751 45,917 41,978 1.8 0.7 11.4 2.08 1.80 1.99 445 FOOD AND BEVERAGE STORES 43,172 46,724 41,068 34,686 35,339 34,298 -1.8 -2.5 1.1 0.80 0.76 0.84 448 CLOTHING AND ACCESSORY STORES 11,802 26,895 10,825 33,483 33,907 33,617 -1.3 -17.1 -0.4 2.84 1.26 3.11 452 GENERAL MERCHANDISE 35,087 61,470 32,071 62,932 63,577 61,054 -1.0 -20.1 3.1 1.79 1.03 1.90 4521 DEPARTMENT STORES (EXCL. LEASED DEPTS.) 14,227 31,243 14,247 32,912 33,170 33,998 -0.8 -23.9 -3.2 2.31 1.06 2.39 (p) preliminary. (r) revised. (s) Adjusted data were revised due to concurrent seasonal adjustment. No revisions were made to Not Adjusted data. Table 4. ADJUSTED MTIS DOLLAR AND PERCENT CHANGES DATA MONTH 01 2004 C1 C2 C3 C4 C5 C6 ----------DOLLAR CHANGES----------- ----------PERCENT CHANGES---------- CMCY-PMCY PMCY-(PM-1)CY CMCY-CMPY CMCY/PMCY PMCY/(PM-1)CY CMCY/CMPY SALES TOTAL BUSINESS 3,426 12,089 53,859 0.4 1.4 6.4 MANUFACTURERS 1,602 348,485 20,422 0.5 0.0 6.2 RETAILERS 234 1,269 15,569 0.1 0.4 5.6 MERCHANT WHOLESALERS 1,590 3,789 17,868 0.6 1.5 7.6 INVENTORY TOTAL BUSINESS 1,602 3,709 22,008 0.1 0.3 1.9 MANUFACTURERS 827 458 -4,809 0.2 0.1 -1.1 RETAILERS 423 1,350 19,602 0.1 0.3 4.5 MERCHANT WHOLESALERS 352 1,901 7,215 0.1 0.6 2.5 Legend: (P)=Preliminary (F)=Final CM=Current Month PM=Previous Month CY=Current Year PY=Previous Year CM/PM=Current Month to Previous Month PM/PM-1=Previous Month to Previous Month minus one Table 5. PM REVISIONS PRELIMINARY TO FINAL DATA MONTH 01 2004 C1 C2 C3 C4 C5 C6 ------------UNADJUSTED------------- -------------ADJUSTED-------------- PM (P) PM(F)-PM(P) PM(F)/PM(P) PM (P) PM(F)-PM(P) PM(F)/PM(P) $ CHANGE % CHANGE $ CHANGE % CHANGE SALES TOTAL BUSINESS 945,296 1,437 0.15 889,797 3,404 0.38 MANUFACTURERS 344,042 1,934 0.56 346,533 1,952 0.56 RETAILERS 343,377 13 0.00 292,400 790 0.27 MERCHANT WHOLESALERS 257,877 -510 -0.20 250,864 662 0.26 INVENTORY TOTAL BUSINESS 1,178,306 1,595 0.14 1,190,686 1,528 0.13 MANUFACTURERS 427,737 439 0.10 438,106 478 0.11 RETAILERS 453,333 218 0.05 458,123 72 0.02 MERCHANT WHOLESALERS 297,236 938 0.32 294,457 978 0.33 Legend: (P)=Preliminary (F)=Final CM=Current Month PM=Previous Month CY=Current Year PY=Previous Year CM/PM=Current Month to Previous Month PM/PM-1=Previous Month to Previous Month minus one