Passed Pawn
@passedpawn
Retail inventories excluding autos are WAY above trend. Everyone over-ordered due to strong demand in 2020-21 and lack of supply. Now they're stuck with it. Demand is falling and margins will follow. This is not a good setup for a solid chunk of the global economy. https://i.imgur.com/mg3HPaB.jpg
0 reply
0 recast
0 reaction