Pile On Inventory
Wednesday, January 20, 2016 22:34
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by Jeffrey P. Snider
Alhambra Partners
Despite continued cuts in production and supply chain activity, inventory through November persists in great imbalance. With December retail sales demonstrating a Christmas sales season only worse in 2008 and 2009, that isn’t like to have changed. It’s not as if manufacturers and imports have been robust to build that much inventory; production is already in clear recession. The only way to equalize is to force even greater production cuts, which is why I think we are starting to get the hints of full-blown recessionary forces.
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