Sales. January 2007 sales of merchant wholesalers, except manufacturers’sales branches and offices, after adjustment for seasonal variations and trading-day differences but not for price changes, were $333.4 billion, down 0.9 percent from the revised December level, but were up 6.2 percent from the January 2006 level. The December preliminary estimate was revised downward $0.5 billion or 0.2 percent. January sales of durable goods were virtually unchanged from last month, but were up 5.7 percent from a year ago. January sales of nondurable goods were down 1.8 percent from last month, but were up 6.7 percent from last year.

Inventories. Total inventories of merchant wholesalers, except manufacturers’sales branches and offices, after …