Data Inquiries Media Inquiries

Economic Indicators Division Public Information Office

Retail: 301-763-2713 eid.retail.indicator.branch@census.gov 301-763-3030

Wholesale: 301-763-6856 eid.wholesale.indicator.branch@census.gov pio@census.gov

Manufacturing: 301-763-4832 eid.m3.qs@census.gov

FOR RELEASE AT 10:00 AM EDT, THURSDAY, MARCH 14, 2024

MANUFACTURING AND TRADE INVENTORIES AND SALES, JANUARY 2024

Release Number: CB24-41

Intention to Revise: Revisions to the Wholesale and Retail adjusted and not adjusted monthly estimates for 

sales and inventories are scheduled for release on March 27, 2024, and April 23, 2024, respectively. Estimates 

will be revised to reflect the results of the 2022 Annual Wholesale and Annual Retail Trade Surveys. Revised 

historical data from the Manufacturers’ Shipments, Inventories, and Orders (M3) Survey will be issued on May 

14, 2024, and these revisions will be based on the results of the annual review of the seasonal adjustment 

models. Revisions to the Wholesale data will be reflected in the February 2024 Manufacturing and Trade 

Inventories and Sales release scheduled for April 15, 2024. Revisions to the Retail and Manufacturing 

estimates will be reflected in the March 2024 MTIS release scheduled for May 15, 2024.

March 14, 2024 — The U.S. Census Bureau announced the following new manufacturing and trade statistics

for January 2024:

1.20

1.25

1.30

1.35

1.40

1.45

1.50

1.55

1.60

1.65

1.70

1.75

1.80

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Source: U.S. Census Bureau, Manufacturing and Trade Inventories and Sales, March 14, 2024. 

(Data adjusted for seasonal, holiday and trading day differences but not for price changes)

Total Business Inventories / Sales Ratios: 2015 to 2024 

Sales

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 $1,833.3 billion, down 1.3

percent (±0.2 percent) from December 2023 and was down 1.2 percent (±0.4 percent) from January 2023. 

Inventories

Manufacturers’ and trade inventories for January, adjusted for seasonal and trading day differences but not 

for price changes, were estimated at an end-of-month level of $2,555.0 billion, virtually unchanged (±0.1

percent)* from December 2023, but were up 0.4 percent (±0.5 percent)* from January 2023.

BUSINESS INVENTORIES

JANUARY 2024 $2,555.0 billion 0.0%*

DECEMBER 2023 

(revised) $2,554.8 billion +0.3%

Next release: April 15, 2024

* The 90 percent confidence interval includes zero. There is insufficient evidence 

to conclude that the actual change is different from zero.

Data adjusted for seasonality but not price changes.

Source: U.S. Census Bureau, Manufacturing and Trade Inventories and Sales, 

March 14, 2024.
Data Inquiries Media Inquiries

Economic Indicators Division Public Information Office

Retail: 301-763-2713 eid.retail.indicator.branch@census.gov 301-763-3030

Wholesale: 301-763-6856 eid.wholesale.indicator.branch@census.gov pio@census.gov

Manufacturing: 301-763-4832 eid.m3.qs@census.gov

Inventories/Sales Ratio

The total business inventories/sales ratio based on seasonally adjusted data at the end of January was 1.39. 

The January 2023 ratio was 1.37.

General Information

The February 2024 Manufacturing and Trade Inventories and Sales Report is scheduled for release on April 15, 

2024. View the full schedule in the Economic Briefing Room: <www.census.gov/economic-indicators/>.

EXPLANATORY NOTES

Statement Regarding Natural Disasters

For information on the impact of natural disasters on the compilation of this report, please see

<www.census.gov/wholesale/natural_disaster_faqs.html> and 

<www.census.gov/retail/mrts_weather_faqs.html>.

Reliability of Estimates

The sampling variability for retailers and merchant wholesalers can be used to construct a 90 percent 

confidence interval for the estimates. Over all possible samples, 90 percent of such intervals will cover the 

true estimate. These intervals are given in parentheses for the estimates on the front page. If, for example, the 

estimate is up 0.8 percent and the margin of sampling error is ±1.2 percent, the 90 percent confidence interval 

is -0.4 percent to +2.0 percent. If the range contains 0, it is uncertain whether there was an increase or 

decrease. Measures of reliability for Retail and Wholesale sales and inventory levels and changes are included 

in the detailed monthly press releases for those Industries. Manufacturers do not contribute to estimates of 

sampling variability because the manufacturer’s mail panel is not a probability sample from a known frame 

and standard errors of the industry estimates cannot be calculated. Estimates from all three surveys are also 

subject to nonsampling errors, which can arise in any stage of the survey. Such errors include coverage error 

(failure to accurately represent all population units in the sample) response errors, coding errors, and 

nonresponse. Although no direct measurement of these errors has been obtained, precautionary steps were 

taken in all phases of the collection, processing, and tabulation of the data to minimize their influence.

Description of the Survey

The Manufacturing and Trade Inventories and Sales estimates are based on data from three surveys: the 

Monthly Retail Trade Survey, the Monthly Wholesale Trade Survey, and the Manufacturers’ Shipments, 

Inventories, and Orders Survey. Data for the wholesale and manufacturing sectors are unrevised from the 

most recent Monthly Wholesale Trade Report and the Full Report on Manufacturers’ Shipments, Inventories 

and orders. Data from the Retail sector is revised and presented in more detail from the most recent Advance 

Economic Indicators Report. For more information on these surveys see the links below: 

<www.census.gov/retail/>, <www.census.gov/wholesale/>, and <www.census.gov/manufacturing/m3/>.
Data Inquiries Media Inquiries

Economic Indicators Division Public Information Office

Retail: 301-763-2713 eid.retail.indicator.branch@census.gov 301-763-3030

Wholesale: 301-763-6856 eid.wholesale.indicator.branch@census.gov pio@census.gov

Manufacturing: 301-763-4832 eid.m3.qs@census.gov

RESOURCES

API

The Census Bureau’s application programming interface lets developers create custom apps to reach new 

users and makes key statistics more accessible than ever before. <www.census.gov/developers/>

FRED Mobile App

Receive the latest updates on the nation’s key economic indicators by downloading the 

FRED App <https://fred.stlouisfed.org/fred-mobile/> for both Apple and Android 

devices. FRED, the signature database of the Federal Reserve Bank of St. Louis, now 

incorporates the Census Bureau’s 13 economic indicators.

###

* The 90 percent confidence interval includes zero. There is insufficient evidence to conclude that the actual change is different from zero.
Jan. 2024 Dec. 2023 Jan. 2023 Jan. 2024 Dec. 2023 Jan. 2023 Jan. 2024 Dec. 2023 Jan. 2023

(p) (r) (r) (p) (r) (r) (p) (r) (r)

Adjusted1

        Total business........................... 1,833,298 1,856,694 1,855,256 2,555,003 2,554,770 2,544,584 1.39 1.38 1.37

        Manufacturers2........................ 572,320 578,048 581,720 855,786 856,616 860,359 1.50 1.48 1.48

        Retailers3.................................... 603,825 610,322 606,350 804,157 800,722 765,898 1.33 1.31 1.26

        Merchant wholesalers4............ 657,153 668,324 667,186 895,060 897,432 918,327 1.36 1.34 1.38

Not Adjusted

        Total business........................... 1,722,676 1,883,796 1,710,989 2,548,274 2,525,173 2,538,524 1.48 1.34 1.48

        Manufacturers2........................ 538,435 561,939 540,816 853,123 836,431 857,451 1.58 1.49 1.59

        Retailers3.................................... 553,748 671,582 547,156 792,099 785,771 752,403 1.43 1.17 1.38

        Merchant wholesalers4............ 630,493 650,275 623,017 903,052 902,971 928,670 1.43 1.39 1.49

(p) Preliminary estimate.

(r) Revised estimate.

Jan. 24/ Dec. 23/ Jan. 24/ Jan. 24/ Dec. 23/ Jan. 24/ Jan. 24/ Dec. 23/ Jan. 24/ Jan. 24/ Dec. 23/ Jan. 24/

Dec. 23 Nov. 23 Jan. 23 Dec. 23 Nov. 23 Jan. 23 Dec. 23 Nov. 23 Jan. 23 Dec. 23 Nov. 23 Jan. 23

     Total business.............................. ‐1.3 0.0 ‐1.2 0.0 0.3 0.4 ‐8.6 1.5 0.7 0.9 ‐2.1 0.4

                      

     Manufacturers2

........................... ‐1.0 ‐0.5 ‐1.6 ‐0.1 0.0 ‐0.5 ‐4.2 ‐1.1 ‐0.4 2.0 ‐2.2 ‐0.5

                      

     Retailers3

....................................... ‐1.1 0.2 ‐0.4 0.4 0.6 5.0 ‐17.5 7.8 1.2 0.8 ‐4.8 5.3

                      

     Merchant wholesalers4

............... ‐1.7 0.3 ‐1.5 ‐0.3 0.4 ‐2.5 ‐3.0 ‐2.2 1.2 0.0 0.3 ‐2.8

Table 1.  Estimated Monthly Sales and Inventories for Manufacturers, Retailers, and Merchant Wholesalers

See footnotes and notes at the end of Table 3.

Table 2. Percent Changes for Sales and Inventories ‐‐ Manufacturers, Retailers, and Merchant Wholesalers

Adjusted Not Adjusted

Sales Inventories

(In millions of dollars)

Data adjusted for seasonality and trading day differences, but not for price changes. Explanations of confidence intervals and sampling variability can be found

on our website at <www.census.gov/mtis/how_surveys_are_collected.html>.

Source: U.S. Census Bureau, Manufacturing and Trade Inventories and Sales, March 14, 2024.

Data adjusted for seasonality and trading day differences, but not for price changes. Explanations of confidence intervals and sampling variability can be found on our website at

<www.census.gov/mtis/how_surveys_are_collected.html>.

Source: U.S. Census Bureau, Manufacturing and Trade Inventories and Sales, March 14, 2024.

Sales Inventories

Sales Inventories Inventories/Sales Ratios
Table 3. Estimated Monthly Retail Sales, Inventories, and Inventories/Sales Ratios, By Kind of Business

(In millions of dollars)

NAICS Kind of Business

Code Jan. 2024 Dec. 2023 Jan. 2023 Jan. 2024 Dec. 2023 Jan. 2023 Jan. 24/ Dec. 23/ Jan. 24/ Jan. 24 Dec. 23 Jan. 23

(p) (r) (r) (p) (r) (r) Dec. 23 Nov. 23 Jan. 23 (p) (r) (r)

Adjusted 1

   Retail trade, total........................................................................ 603,825 610,322 606,350 804,157 800,722 765,898 0.4 0.6 5.0 1.33 1.31 1.26

       Total (excl. motor veh. & parts)............................................. 471,993 475,715 471,639 554,269 552,807 562,886 0.3 0.4 ‐1.5 1.17 1.16 1.19

                     

441 Motor vehicle & parts dealers..................................................... 131,832 134,607 134,711 249,888 247,915 203,012 0.8 1.1 23.1 1.90 1.84 1.51

442,3 Furniture,home furn., elect. & appl. stores................................. 18,374 18,142 20,159 28,237 28,062 31,746 0.6 ‐0.2 ‐11.1 1.54 1.55 1.57

444 Building materials, garden equip & supplies.............................. 39,536 41,320 43,313 77,465 77,377 84,096 0.1 ‐0.5 ‐7.9 1.96 1.87 1.94

                     

445 Food & beverage stores................................................................. 82,484 82,765 81,754 63,879 63,792 63,517 0.1 0.2 0.6 0.77 0.77 0.78

448 Clothing & clothing access. stores............................................... 26,413 26,625 26,534 61,308 61,287 60,778 0.0 ‐0.2 0.9 2.32 2.30 2.29

452 General merchandise stores........................................................ 73,513 73,548 73,340 99,183 99,493 101,614 ‐0.3 0.0 ‐2.4 1.35 1.35 1.39

4521      Dept. strs. (excl. leased depts.)................................................ 11,081 10,974 11,785 21,749 21,873 23,094 ‐0.6 0.2 ‐5.8 1.96 1.99 1.96

                     

Not Adjusted                      

  Retail trade, total.......................................................................... 553,748 671,582 547,156 792,099 785,771 752,403 0.8 ‐4.8 5.3 1.43 1.17 1.38

      Total (excl. motor veh. & parts)............................................. 434,994 540,620 429,173 539,985 537,690 548,096 0.4 ‐6.9 ‐1.5 1.24 0.99 1.28

                     

441 Motor vehicle & parts dealers..................................................... 118,754 130,962 117,983 252,114 248,081 204,307 1.6 0.0 23.4 2.12 1.89 1.73

442,3 Furniture,home furn., elect. & appl. stores................................. 16,884 21,411 18,190 27,362 27,613 30,794 ‐0.9 ‐10.5 ‐11.1 1.62 1.29 1.69

444 Building materials, garden equip & supplies.............................. 32,952 36,876 35,432 75,916 74,282 82,246 2.2 ‐1.5 ‐7.7 2.30 2.01 2.32

                     

445 Food & beverage stores................................................................. 80,619 89,906 79,445 63,320 64,512 62,929 ‐1.8 ‐2.5 0.6 0.79 0.72 0.79

448 Clothing & clothing access. stores............................................... 19,420 41,187 19,405 58,181 57,181 57,800 1.7 ‐12.2 0.7 3.00 1.39 2.98

452 General merchandise stores......................................................... 65,337 91,556 65,276 94,486 94,698 96,746 ‐0.2 ‐12.7 ‐2.3 1.45 1.03 1.48

4521      Dept. strs. (excl. leased depts.)................................................ 8,873 16,631 9,296 20,227 19,795 21,524 2.2 ‐20.6 ‐6.0 2.28 1.19 2.32

4 The 2012 North American Industry Classification System (NAICS) defines merchant wholesalers as including manufacturers' sales branches and offices.  However, the estimates included in this release exclude manufacturers'

sales branches and offices.  Note that this is not a change in coverage from prior releases and is consistent with the description used in the Monthly Wholesale Trade Survey data products.

(p) Preliminary estimate.  

(r) Revised estimate.

Data adjusted  for seasonality and trading day differences, but not for price changes. Explanations of confidence intervals and sampling variability can be found on our website at  

<www.census.gov/mtis/how_surveys_are_collected.html>.

Source: U.S. Census Bureau, Manufacturing and Trade Inventories and Sales, March 14, 2024.

Sales Inventories3 Percent Change Inventories/Sales

In Inventories Ratios

1 Adjusted for seasonal variations, trading day differences,  and, in the case of sales, for holiday variations. Concurrent seasonal adjustment is being used to adjust all sales, shipment and inventory estimates. Concurrent seasonal

adjustment uses all available unadjusted estimates as input to the X‐13ARIMA‐SEATS program. The factors derived from the program are applied to the current and previous month estimates and for retail and wholesale

estimates a year ago as well. For retail sales, concurrent seasonal adjustment is also used to adjust the advance estimates (published one month before the preliminary estimates) and the estimates one year before the advance

month. This explains the revision to retail estimates from a year ago.

2 Manufacturers sales refer to the value of shipments by manufacturers. The shipments data from individual manufacturers are adjusted prior to tabulation for the number of trading days as well as for any variations in the length

of the reporting period.

3 Adjusted and not adjusted inventories for aggregate levels retail trade total, total excluding motor vehicles and parts, and motor vehicle and parts dealers are revised from the Advance Economic Indicators Report.