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President's Handwriting, December 1 thru 15, 1971 [4 of 4]

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THE CHAIRMAN OF THE COUNCIL OF ECONOMIC ADVISERS WASHINGTON THE PRODUCER i HAS SEEN December 10, 1971 MEMORANDUM FOR THE PRESIDENT Subject: Business Sales and Inventories in October Combined sales of manufacturers, wholesalers and retailers declined 0.8 percent after seasonal adjustment from September to October. These sales had risen 0.5 percent in September and 0.3 percent in August. There was an important revision in the retail figures. The preliminary retail report for October published last month showed a rise of 0.3 percent over the month, but the revised figure shows a decline of 1.1 percent instead. Preliminary reports based on weekly data indicate, however, a substantial rise from October to November. Manufacturers and trade firms added about $0.5 billion to their inventories in October. Inventory plans are probably being firmed now, but we are not likely to see a substantial building of stocks until the first quarter of 1972. These data are for release approximately December 20. Paul W. McCracken reason what any this apartment usual factor?

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