Inventories are slowly recovering, but remain below where they should be.
The US still exports a lot of stuff — record amounts. But it drowns under a tsunami of imports. And the services surplus fizzled.
But companies were finally able to rebuild some woefully low inventories.
Three-decade trend brought about by Corporate America and the religion of globalization.
Driven by Corporate America and the most grotesquely overstimulated consumer spending ever.
“We need lower consumer demand to give supply chains time to catch up… recover efficiency… and break this vicious circle”: CEO of Maersk’s APM Terminals, one of the largest container port operators.
Some disruptions are “transitory,” but the spiral that the mix of ongoing over-stimulation has set off is anything but “transitory.”
Imports from OPEC reduced to irrelevancy.
“Turns out it’s a heck of a lot easier to create demand than it is to bring supply up to snuff”: Jerome Powell
Nothing Goes to Heck in a Straight line, not even the dollar’s hegemony.