- Higher prices have flattered headline numbers while obscuring declining volumes of sales
- When combined with the shift to ‘just in case’, the result is a historic level of inventories
- Unless new orders accelerate, the risk is that we are heading into an inventory cycle
- Thereby raising the risk of a return to boom/bust economics and increased volatility
___________
To read more of this exclusive content, please log in below. If you have an account but have not purchased access or signed up for a free trial, click here.