Another quick thought, on inventories, as the engine restarts…

In a recent post on employment and Q3 US GDP, I made the point that inventories could be impacting employment data.  Inventories are also likely impacting PMIs (new orders, employment, production components) and other data points, so I would be wary of reading too much into recent data. 

Ed Yardeni also makes some valid points re inventories in his latest post -Another Soft Patch Ahead- (excerpt)

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