The combined value of distributive trade sales and manufacturers’ shipments for January, adjusted for seasonal and trading-day differences but not for price changes, was estimated at $1,302.5 billion, down 2 percent from December and down 0.3 percent from January 2014, 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 $1,761.7 billion, virtually unchanged from December and up 3.4 percent from January 2014.

The total business inventories/sales ratio based on seasonally adjusted data at the end of January was 1.35. The January 2014 ratio was 1.30.