Taps Coogan – November 9th, 2022

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Of course there are exceptions, but by and large the inventory shortages that plagued the US supply chain appear to have normalized, as the following chart from Wells Fargo highlights.

The NFIB survey of ‘small’ and independent businesses is now showing that an equal number are reporting inventories too low compared to those reporting excess inventories.

Add it to the list of leading indicators of inflation that suggests that the year-over-year peak is behind us.

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