The adjusted and unadjusted monthly retail and wholesale estimates for sales and inventories were revised base results from the 1997 Census of Retail Trade data and the 1997 Census of Wholesale Trade data, respectively. Manufacturing estimates were no Sales. The June 1998 ratio was 1.39. Adjusted data were revised due to concurrent seasonal adjustment. No revisions were made to Not Adjusted data.
Inventories are on a non-LIFO basis as of the end of the month.
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-11 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. This explains the revision to retail estimates from a year ago. Manufacturers sales refers to the value of shipments by manufacturers.