Manufacturers' and trade inventories, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $1,917.0 billion, up 0.6 percent from December 2017 and were up 3.7 percent from January 2017.
The total business inventories/sales ratio based on seasonally adjusted data at the end of January was 1.34. The January 2017 ratio was 1.37.
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