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WHAT IF...? REVISIONS TO TREND ESTIMATES


EFFECT OF NEW SEASONALLY ADJUSTED ESTIMATES ON TREND ESTIMATES


TREND REVISIONS

The most recent seasonally adjusted and trend estimates are likely to be revised when original estimates for subsequent quarters become available. To assess reliability of the trend estimate at the current end, the 'what-if' chart presents trend estimates under different scenarios for the next quarter. The approximate effect of two possible scenarios on the current and previous trend estimates for total company gross operating profits and total inventories are presented below.

1. Next quarter's seasonally adjusted estimate of total inventories, and seasonally adjusted estimate for company gross operating profits respectively, are higher than the current quarter's estimate by the percentage shown.

2. Next quarter's seasonally adjusted estimate of total inventories, and seasonally adjusted estimate for company gross operating profits respectively, are lower than the current quarter's estimate by the percentage shown.

Inventories (Chain Volume Measures)

What if next quarter's seasonally adjusted estimate: Trend as published rises by 1.0% on this quarter (1) falls by 1.0% on this quarter (2) $m % $m % $m % 2017 March 156 559 0.4 156 559 0.4 156 559 0.4 June 156 713 0.1 156 668 0.1 156 819 0.2 September 156 754 0.0 156 773 0.1 156 722 -0.1 December 156 697 0.0 157 137 0.2 156 412 -0.2

What if next quarter's seasonally adjusted estimate: Trend as published rises by 4.0% on this quarter (1) falls by 4.0% on this quarter (2) $m % $m % $m % 2017 March 80 135 5.4 80 135 5.4 80 135 5.4 June 80 719 0.7 80 750 0.8 81 169 1.3 September 80 105 -0.8 80 178 -0.7 80 033 -1.4 December 79 944 -0.2 81 370 1.5 79 355 -0.8