<H3>• U.S. Manufacturers’ Sales, Inventories — August 2015</H3>

Sales. The combined value of distributive trade sales and manufacturers’ shipments for August, adjusted for seasonal and trading-day differences but not for price changes, was estimated at $1,320.5 billion, down 0.6 percent (±0.2%) from July 2015 and was down 3.1 percent (±0.5%) from August 2014.

Inventories. Manufacturers’ and trade inventories, adjusted for seasonal variations but not for price changes, were estimated at an end-of-month level of $1,811.0 billion, virtually unchanged (±0.1%) from July 2015, but were up 2.4 percent (±0.5%) from August 2014.

Inventories/Sales Ratio. The total b

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