The combined value of distributive trade sales and manufacturers’ shipments for December, adjusted for seasonal and trading-day differences but not for price changes, was estimated at $1,331.2 billion, down 0.9 percent from November, but up 0.9 percent from December 2013, according to the U.S. Census Bureau.

Manufacturers’ and trade inventories, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $1,764.4 billion, up 0.1 percent from November and up 3.9 percent from December 2013.

The total business inventories/sales ratio based on seasonally adjusted data at the end of December was 1.33. The December 2013 ratio was 1.29.