Table 1. ESTIMATED MONTHLY SALES AND INVENTORIES FOR MANUFACTURERS, RETAILERS, AND MERCHANT WHOLESALERS DATA MONTH 12 2003 -------------SALES------------- ----------INVENTORIES---------- INVENTORIES/SALES RATIOS Dec. 2003 Nov. 2003 Dec. 2002 Dec. 2003 Nov. 2003 Dec. 2002 Dec. 2003 Nov. 2003 Dec. 2002 (p) (r) (s) (p) (r) (s) ADJUSTED TOTAL BUSINESS 889,797 881,635 831,472 1,190,686 1,187,687 1,168,999 1.34 1.35 1.41 MANUFACTURERS 346,533 341,454 323,362 438,106 438,126 444,188 1.26 1.28 1.37 RETAILERS 292,400 291,921 275,763 458,123 456,845 436,103 1.57 1.56 1.58 MERCHANT WHOLESALERS 250,864 248,260 232,347 294,457 292,716 288,708 1.17 1.18 1.24 NOT ADJUSTED TOTAL BUSINESS 945,296 855,100 868,285 1,178,306 1,220,733 1,155,640 1.25 1.43 1.33 MANUFACTURERS 344,042 333,414 316,560 427,737 439,491 433,756 1.24 1.32 1.37 RETAILERS 343,377 286,269 319,815 453,333 485,870 431,121 1.32 1.70 1.35 MERCHANT WHOLESALERS 257,877 235,417 231,910 297,236 295,372 290,763 1.15 1.25 1.25 (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 12 2003 ADJUSTED NOT ADJUSTED --------------SALES--------------- -----------INVENTORIES------------ --------------SALES--------------- -----------INVENTORIES------------ Dec. 2003/ Nov. 2003/ Dec. 2003/ Dec. 2003/ Nov. 2003/ Dec. 2003/ Dec. 2003/ Nov. 2003/ Dec. 2003/ Dec. 2003/ Nov. 2003/ Dec. 2003/ Nov. 2003 Oct. 2003 Dec. 2002 Nov. 2003 Oct. 2003 Dec. 2002 Nov. 2003 Oct. 2003 Dec. 2002 Nov. 2003 Oct. 2003 Dec. 2002 TOTAL BUSINESS 0.9 0.7 7.0 0.3 0.4 1.9 10.5 -5.9 8.9 -3.5 0.9 2.0 MANUFACTURERS 1.5 0.5 7.2 0.0 -0.1 -1.4 3.2 -6.3 8.7 -2.7 -0.5 -1.4 RETAILERS 0.2 1.0 6.0 0.3 0.8 5.0 19.9 -0.8 7.4 -6.7 2.7 5.2 MERCHANT WHOLESALERS 1.0 0.6 8.0 0.6 0.5 2.0 9.5 -10.9 11.2 0.6 0.4 2.2 (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 12 2003 -------------SALES------------- ----------INVENTORIES---------- PERCENT CHANGE IN INVENTORIES INVENTORIES/SALES RATIOS KIND OF BUSINESS Dec. 2003 Nov. 2003 Dec. 2002 Dec. 2003 Nov. 2003 Dec. 2002 Dec. 2003/ Nov. 2003/ Dec. 2003/ (p) (r) (s) (p) (r) (s) Nov. 2003 Oct. 2003 Dec. 2002 Dec. 2003 Nov. 2003 Dec. 2002 ADJUSTED 44,45 RETAIL TRADE, TOTAL 292,400 291,921 275,763 458,123 456,845 436,103 0.3 0.8 5.0 1.57 1.56 1.58 44,45-441 TOTAL EXCL. MOTOR VEHICLE AND PARTS DEALERS 215,478 215,116 202,269 299,494 298,332 289,524 0.4 0.6 3.4 1.39 1.39 1.43 441 MOTOR VEHICLE AND PARTS DEALERS 76,922 76,805 73,494 158,629 158,513 146,579 0.1 1.1 8.2 2.06 2.06 1.99 442,443 FURNITURE,HOME FURN.,ELECTRONICS, APPL.STORES 16,887 16,869 15,509 28,583 28,401 26,373 0.6 0.9 8.4 1.69 1.68 1.70 444 BUILDING MATL. & GARDEN EQUIPMENT & SUPPLY STORES 28,413 28,244 24,875 47,285 46,746 43,109 1.2 0.9 9.7 1.66 1.66 1.73 445 FOOD AND BEVERAGE STORES 42,792 42,962 41,327 34,565 34,645 34,294 -0.2 0.1 0.8 0.81 0.81 0.83 448 CLOTHING AND ACCESSORY STORES 15,245 15,269 14,525 36,794 36,741 36,061 0.1 0.9 2.0 2.41 2.41 2.48 452 GENERAL MERCHANDISE 40,569 40,434 38,437 67,786 67,073 66,456 1.1 0.0 2.0 1.67 1.66 1.73 4521 DEPARTMENT STORES (EXCL. LEASED DEPTS.) 18,017 18,018 18,336 35,821 36,089 37,767 -0.7 -1.3 -5.2 1.99 2.00 2.06 NOT ADJUSTED 44,45 RETAIL TRADE, TOTAL 343,377 286,269 319,815 453,333 485,870 431,121 -6.7 2.7 5.2 1.32 1.70 1.35 44,45-441 TOTAL EXCL. MOTOR VEHICLE AND PARTS DEALERS 270,789 219,306 252,873 290,986 326,051 281,124 -10.8 1.7 3.5 1.07 1.49 1.11 441 MOTOR VEHICLE AND PARTS DEALERS 72,588 66,963 66,942 162,347 159,819 149,997 1.6 4.8 8.2 2.24 2.39 2.24 442,443 FURNITURE,HOME FURN.,ELECTRONICS, APPL.STORES 23,959 18,424 21,625 28,383 32,462 26,162 -12.6 4.4 8.5 1.18 1.76 1.21 444 BUILDING MATL. & GARDEN EQUIPMENT & SUPPLY STORES 25,542 25,671 21,814 45,914 45,577 41,816 0.7 -0.6 9.8 1.80 1.78 1.92 445 FOOD AND BEVERAGE STORES 46,655 42,914 44,693 35,356 36,248 35,074 -2.5 1.8 0.8 0.76 0.84 0.78 448 CLOTHING AND ACCESSORY STORES 26,835 16,540 25,296 33,998 40,893 33,356 -16.9 0.6 1.9 1.27 2.47 1.32 452 GENERAL MERCHANDISE 61,470 45,473 58,883 63,537 79,567 62,207 -20.1 2.2 2.1 1.03 1.75 1.06 4521 DEPARTMENT STORES (EXCL. LEASED DEPTS.) 31,243 21,082 31,854 33,170 43,595 35,010 -23.9 1.5 -5.3 1.06 2.07 1.10 (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 12 2003 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 8,162 6,138 58,325 0.9 0.7 7.0 MANUFACTURERS 5,079 341,454 23,171 1.5 0.0 7.2 RETAILERS 479 2,981 16,637 0.2 1.0 6.0 MERCHANT WHOLESALERS 2,604 1,528 18,517 1.0 0.6 8.0 INVENTORY TOTAL BUSINESS 2,999 4,389 21,687 0.3 0.4 1.9 MANUFACTURERS -20 -554 -6,082 0.0 -0.1 -1.4 RETAILERS 1,278 3,451 22,020 0.3 0.8 5.0 MERCHANT WHOLESALERS 1,741 1,492 5,749 0.6 0.5 2.0 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 12 2003 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 853,986 1,114 0.13 879,768 1,867 0.21 MANUFACTURERS 332,634 780 0.23 339,899 1,555 0.46 RETAILERS 286,294 -25 -0.01 292,421 -500 -0.17 MERCHANT WHOLESALERS 235,058 359 0.15 247,448 812 0.33 INVENTORY TOTAL BUSINESS 1,220,998 -265 -0.02 1,187,426 261 0.02 MANUFACTURERS 439,523 -32 -0.01 437,904 222 0.05 RETAILERS 485,849 21 0.00 456,779 66 0.01 MERCHANT WHOLESALERS 295,626 -254 -0.09 292,743 -27 -0.01 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