FOR WIRE TRANSMISSION 8:30 A.M. EDT, Tuesday, April 15, 1997 MANUFACTURING AND TRADE INVENTORIES AND SALES -- FEBRUARY 1997 *********************************************************************** INTENTION TO REVISE: Revisions to the adjusted and unadjusted monthly estimates for sales and inventories are scheduled for release as follows: Retail the week of April 28, Wholesale the week of May 5, and Manufacturing at a later date. *********************************************************************** SALES The Census Bureau of the Department of Commerce announced today that the combined value of distributive trade sales and manufacturers' shipments for February adjusted for seasonal and trading-day differences, but not for price changes, were estimated at $746.3 billion, 1.4 percent (+/-0.3%) above January and 7.0 percent (+/-0.4%) above February 1996. Total durable goods increased 2.3 percent (+/-0.4%) from January and were up 7.2 percent (+/-0.7%) from February 1996. Total nondurable goods increased 0.6 percent (+/-0.3%) from January and were up 6.7 percent (+/-0.6%) from February 1996. INVENTORIES Manufacturers' and trade inventories, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $1,017 billion, 0.3 percent (+/-0.1%) above January and 2.1 percent (+/-0.4%) above February 1996. Total durable goods increased 0.4 percent (+/-0.2%) from January and were up 2.4 percent (+/-0.5%) from February 1996. Total nondurable goods increased 0.2 percent (+/-0.2%) from January and were up 1.5 percent (+/-0.4%) from February 1996. INVENTORIES/SALES RATIO The total business inventories/sales ratio based on seasonally adjusted data at the end of February was 1.36, down .02 from January and down .07 from February 1996. The Manufacturing and Trade Inventories and Sales Report for March is scheduled for release May 14, 1997 at 8:30 a.m. TABLE 1: ESTIMATED MONTHLY SALES, INVENTORIES, AND INVENTORY/SALES RATIOS FOR MANUFACTURERS, RETAILERS, AND MERCHANT WHOLESALERS FEBRUARY 1997 Adjusted for Seasonal, Holiday and Trading-day Differences (Millions of Dollars) 1997 1996 Feb.(p) Jan.(r) Mar.(r) Feb.(r) SALES Total business.............. 746,266 735,852 699,894 697,519 Durable........................... 369,627 361,329 345,567 344,684 Nondurable........................ 376,639 374,523 354,327 352,835 Manufacturers................. 321,457 318,498 300,646 301,763 Durable........................... 173,080 170,313 160,377 161,918 Nondurable........................ 148,377 148,185 140,269 139,845 Retailers..................... 215,136 211,957 203,869 202,425 Durable........................... 89,225 86,517 83,887 82,752 Nondurable........................ 125,911 125,440 119,982 119,673 Merchant wholesalers.......... 209,673 205,397 195,379 193,331 Durable........................... 107,322 104,499 101,303 100,014 Nondurable........................ 102,351 100,898 94,076 93,317 INVENTORIES Total business.............. 1,016,799 1,013,626 994,010 996,318 Durable........................... 611,866 609,305 596,061 597,546 Nondurable........................ 404,933 404,321 397,949 398,772 Manufacturers................. 441,759 440,019 435,413 435,615 Durable........................... 279,674 278,390 273,535 273,400 Nondurable........................ 162,085 161,629 161,878 162,215 Retailers..................... 314,986 313,504 302,153 304,513 Durable........................... 167,742 166,565 159,659 161,395 Nondurable........................ 147,244 146,939 142,494 143,118 Merchant wholesalers.......... 260,054 260,103 256,444 256,190 Durable........................... 164,450 164,350 162,867 162,751 Nondurable........................ 95,604 95,753 93,577 93,439 INVENTORY/SALES RATIOS Total business.............. 1.36 1.38 1.42 1.43 Durable........................... 1.66 1.69 1.72 1.73 Nondurable........................ 1.08 1.08 1.12 1.13 Manufacturers................. 1.37 1.38 1.45 1.44 Durable........................... 1.62 1.63 1.71 1.69 Nondurable........................ 1.09 1.09 1.15 1.16 Retailers..................... 1.46 1.48 1.48 1.50 Durable........................... 1.88 1.93 1.90 1.95 Nondurable........................ 1.17 1.17 1.19 1.20 Merchant wholesalers.......... 1.24 1.27 1.31 1.33 Durable........................... 1.53 1.57 1.61 1.63 Nondurable........................ 0.93 0.95 0.99 1.00 Not adjusted for Seasonal, Holiday and Trading-day Differences (Millions of Dollars) 1997 1996 Feb.(p) Jan.(r) Feb. SALES Total business.............. 696,050 673,473 665,229 Durable........................... 347,809 323,871 331,070 Nondurable........................ 348,241 349,602 334,159 Manufacturers................. 319,228 288,346 299,246 Durable........................... 173,963 151,247 162,314 Nondurable........................ 145,265 137,099 136,932 Retailers..................... 185,606 187,656 181,901 Durable........................... 76,934 75,056 74,500 Nondurable........................ 108,672 112,600 107,401 Merchant wholesalers.......... 191,216 197,471 184,082 Durable........................... 96,912 97,568 94,256 Nondurable........................ 94,304 99,903 89,826 INVENTORIES Total business.............. 1,018,654 1,008,525 998,109 Durable........................... 615,993 607,029 601,303 Nondurable........................ 402,661 401,496 396,806 Manufacturers................. 445,180 438,592 438,237 Durable........................... 282,300 277,324 275,574 Nondurable........................ 162,880 161,268 162,663 Retailers..................... 310,441 304,823 300,102 Durable........................... 168,956 165,385 162,629 Nondurable........................ 141,485 139,438 137,473 Merchant wholesalers.......... 263,033 265,110 259,770 Durable........................... 164,737 164,320 163,100 Nondurable........................ 98,296 100,790 96,670 INVENTORY/SALES RATIOS Total business.............. 1.46 1.50 1.50 Durable........................... 1.77 1.87 1.82 Nondurable........................ 1.16 1.15 1.19 Manufacturers................. 1.39 1.52 1.46 Durable........................... 1.62 1.83 1.70 Nondurable........................ 1.12 1.18 1.19 Retailers..................... 1.67 1.62 1.65 Durable........................... 2.20 2.20 2.18 Nondurable........................ 1.30 1.24 1.28 Merchant wholesalers.......... 1.38 1.34 1.41 Durable........................... 1.70 1.68 1.73 Nondurable........................ 1.04 1.01 1.08 (p) Preliminary estimates. (r) Revised. TABLE 2: ESTIMATED MONTHLY RETAIL INVENTORIES -- FEBRUARY 1997 Adjusted for Seasonal, Holiday and Trading-day Differences SIC Kind of business Millions Percent code of Change Dollars Feb. 1997 from-- 1997 1996 1997 1996 Feb.(p) Jan.(r) Feb.(r) Jan. Feb. Retail inventories, total..... 314,986 313,504 304,513 +0.5 +3.4 Total (excl. auto group).. 226,812 225,774 218,233 +0.5 +3.9 Durable goods, total........ 167,742 166,565 161,395 +0.7 +3.9 52 Bldg. materials, hardware, garden supply, and mobile home dealers.. 22,530 22,338 21,085 +0.9 +6.9 55 Automotive dealers................ 88,174 87,730 86,280 +0.5 +2.2 57 Furniture, home furnishings, and equipment stores................. 24,101 24,019 24,573 +0.3 -1.9 Nondurable goods, total..... 147,244 146,939 143,118 +0.2 +2.9 53 General merchandise group stores.. 57,729 57,635 57,254 +0.2 +0.8 531 Dept. strs.(excl. leased depts.) 47,107 46,989 45,947 +0.3 +2.5 54 Food stores....................... 28,903 28,911 27,756 0.0 +4.1 56 Apparel and accessory stores...... 23,505 23,415 23,215 +0.4 +1.2 Not adjusted for Seasonal, Holiday and Trading-day Differences SIC Kind of business Millions Percent code of Change Dollars Feb. 1997 from-- 1997 1996 1997 1996 Feb.(p) Jan.(r) Feb. Jan. Feb. Retail inventories, total..... 310,441 304,823 300,102 +1.8 +3.4 Total (excl. auto group).. 218,252 214,863 209,963 +1.6 +3.9 Durable goods, total........ 168,956 165,385 162,629 +2.2 +3.9 52 Bldg. materials, hardware, garden supply, and mobile home dealers.. 22,395 21,646 20,980 +3.5 +6.7 55 Automotive dealers................ 92,189 89,960 90,139 +2.5 +2.3 57 Furniture, home furnishings, and equipment stores................. 23,016 23,250 23,467 -1.0 -1.9 Nondurable goods, total..... 141,485 139,438 137,473 +1.5 +2.9 53 General merchandise group stores.. 54,478 52,920 54,005 +2.9 +0.9 531 Dept. strs.(excl. leased depts.) 44,610 43,136 43,512 +3.4 +2.5 54 Food stores....................... 28,573 29,041 27,436 -1.6 +4.1 56 Apparel and accessory stores...... 22,118 20,863 21,869 +6.0 +1.1 (p)Preliminary estimates. (r)Revised. TABLE 3: ESTIMATED MONTHLY RETAIL SALES AND INVENTORIES/SALES RATIOS FEBRUARY 1997 Adjusted for Seasonal, Holiday and Trading-day Differences SIC Kind of business Millions code of Dollars 1997 1996 Feb.(p) Jan.(r) Mar.(r) Feb.(r) Retail trade, total........... 215,136 211,957 203,869 202,425 Total (excl. auto group).. 161,247 159,789 152,794 151,689 Durable goods, total........ 89,225 86,517 83,887 82,752 52 Bldg. materials, hardware, garden supply, and mobile home dealers.. 11,670 11,416 10,560 10,442 55 Automotive dealers................ 53,889 52,168 51,075 50,736 57 Furniture, home furnishings, and equipment stores................. 11,904 11,517 11,409 11,076 Nondurable goods, total..... 125,911 125,440 119,982 119,673 53 General merchandise group stores.. 27,408 27,060 25,316 25,382 531 Dept. strs.(excl. leased depts.) 21,495 21,169 19,659 19,756 54 Food stores....................... 35,971 35,930 34,924 34,805 56 Apparel and accessory stores...... 9,668 9,643 9,245 9,536 INVENTORY/SALES RATIOS Retail trade, total........... 1.46 1.48 1.48 1.50 Total (excl. auto group).. 1.41 1.41 1.43 1.44 Durable goods, total........ 1.88 1.93 1.90 1.95 52 Bldg. materials, hardware, garden supply, and mobile home dealers.. 1.93 1.96 2.01 2.02 55 Automotive dealers................ 1.64 1.68 1.64 1.70 57 Furniture, home furnishings, and equipment stores................. 2.02 2.09 2.14 2.22 Nondurable goods, total..... 1.17 1.17 1.19 1.20 53 General merchandise group stores.. 2.11 2.13 2.26 2.26 531 Dept. strs.(excl. leased depts.) 2.19 2.22 2.34 2.33 54 Food stores....................... 0.80 0.80 0.79 0.80 56 Apparel and accessory stores...... 2.43 2.43 2.51 2.43 Not adjusted for Seasonal, Holiday and Trading-day Differences SIC Kind of business Millions Inventory/ code of Sales Ratios Dollars 1997 1997 1997 Feb.(p) Jan.(r) Feb. Jan. Retail trade, total........... 185,606 187,656 1.67 1.62 Total (excl. auto group).. 137,025 141,224 1.59 1.52 Durable goods, total........ 76,934 75,056 2.20 2.20 52 Bldg. materials, hardware, garden supply, and mobile home dealers.. 8,747 8,771 2.56 2.47 55 Automotive dealers................ 48,581 46,432 1.90 1.94 57 Furniture, home furnishings, and equipment stores................. 10,255 10,652 2.24 2.18 Nondurable goods, total..... 108,672 112,600 1.30 1.24 53 General merchandise group stores.. 21,147 20,547 2.58 2.58 531 Dept. strs.(excl. leased depts.) 16,422 15,792 2.72 2.73 54 Food stores....................... 32,477 35,233 0.88 0.82 56 Apparel and accessory stores...... 7,158 6,911 3.09 3.02 (p) Preliminary estimates. (r) Revised. SOURCE: Manufacturing and Trade Inventories and Sales -- February 1997 (Press Release available without charge from Public Information Office, Bureau of the Census, Washington, D.C. 20233). Questions concerning this report may be directed to: Ms. Kathy Menth (301) 457-4832 (Manufacturers), Ms. Nancy Piesto (301) 457-2706/2708 (Retailers), or Mr. Ronald Piencykoski (301) 457-2779/2764 (Merchant Wholesalers).