FBI NICS February volume is slightly down from last month (Jan). Still at unprecedented levels. It is more typical for January sales to crash from December peak and Feb and Mar to provide a very small bounce to the yearly average before the summer slow down to below year average. Of course, this season was a record breaker, and all around unprecedented in NICS volume.
Jan 2013 (2.5M checks) was only slightly below the Dec 2012 peak (2.8M checks), and again Feb 2013 recedes further to (est 2.3M checks).
I theorize that the only reason why Jan and Feb numbers are down is because of supply chain constraints. There is simply nothing (ar15 style) left for retailers to sell, therefore, the volume appears to be receding, when in fact demand at normal market prices is still unfilled.
Dec 2011 - 1.86M (prev record)
Nov 2012 - 2.00M (prev record)
Dec 2012 - 2.78M (Record)
Jan 2013 - 2.52M
Feb 2013 - 2.34M (estimated)