Uh, Oh. US Wholesale Inventories—Piling Up? [Eurodollar University, Ep. 178c]

-----EP. 178c SUMMARY-----
Headline US wholesale inventories AND sales look incredible—Hallelujah! But if we exclude petroleum products? Inventory growth is outpacing sales growth—Humbug! And if we exclude motor vehicle parts and petroleum? Inventory growth is materially ahead of sales growth—Bah Humbug!

-----EP. 178c TOPICS------
00:00 INTRO: Headline wholesale inventories look fine but a closer look is more concerning.
00:38 US wholesale inventories are surging at record rates; goods ARE flowing in the economy.
02:34 US wholesale inventories AND sales exploded higher in November 2021; Hallelujah!
03:45 US-wholeseale-inventories-excluding-petroleum are accelerating ahead of sales; Humbug!
05:28 In 2018 businesses ignored the sales slowdown and kept building inventory; why?
07:54 Why are wholesale sales and inventories ARTIFICIALLY high? (hint: goods vs. services).
10:08 US-wholeseale-inventories-ex-petro-ex-autos are accelerating ahead of sales; Bah Humbug!
12:54 Business (manufacturer and trade) inventory growth accelerated in October by 1.2%.
15:06 Is there a bright spot in the monetary realm that signals recovery and hope? Stocks.
16:26 OUTRO: We are optimistic about the future! Just not the present future.

----EP. 178c REFERENCES---
Sure, Tomorrow the CPI But Future CPI’s In Today’s Inventory?: https://bit.ly/3258EHC
Alhambra Investments Blog: https://bit.ly/2VIC2wWlin
RealClear Markets Essays: https://bit.ly/38tL5a7

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Macropiece Theater with Emil Kalinowski (a/k/a Alistair Cooke, a/k/a Alistair Cookie) reading the latest essays, blog posts, speeches and excerpts from economics, geopolitics and more. Interesting people write interesting things, why not listen and hear what they have to say? You could do worse things with your time (i.e. Bloomberg, CNBC, et cetera). Recent readings include thoughts from: Adam Smith, Arthur Schopenhauer, Bank for International Settlements, George Friedman, J.P. Koning, Jean-Paul Sartre, Karl Marx, Liberty Street Economics, Lyn Alden, Maroon Macro, Matt Stoeller, Michael Pettis, Myrmikan, Perry Mehrling, Robert Breedlove, Rohan Grey, Velina Tchakarova and yes, even Jeff Snider.

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---------THE TEAM---------
Jeff Snider, Head of Global Investment Research for Alhambra Investments. Illustrations by David Parkins, myth maker. Audio and video editor, The Terence. Logo design by pixelist Lisa Jiang. Master of ceremonies, Emil Kalinowski. Musical intro/outro is "Our Christmas" by The Snowy Hill Singers feat. Sam Shore found at Epidemic Sound.

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Jeff: https://alhambrapartners.com/author/jsnider/

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Emil: https://www.EuroDollarEnterprises.com

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Lisa: https://twitter.com/@Nylonnerves