by Mike ‘Mish’ Shedlock
In the second quarter inventory subtracted 1.2% from GDP. It was supposed to add to GDP.
When it didn’t, Bloomberg promptly noted that a rebound in inventory build-up will add to third quarter GDP.
It won’t, because inventory-to-sales numbers remain in the stratosphere. This is something I have commented on for months. Last week, someone else noticed.
As Good As It Gets?
Joseph Calhoun, at Alhambra Investment partners took a look at inventory and other factors and asked is this As Good As It Gets?