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Retail sales stumbled in December, contributing some to the explosion in inventory across the US supply chain – but not all.
Though retail sales rebounded substantially from December’s drop, this latest monthly (seasonally-adjusted) increase was the second-highest on record anyway (just beating out December 2018).
The lone bright spot may have been wholesale inventories, and I write “may” only due to the fact that January 2022’s monthly increase was merely “normal” in the pre-2020 sense of it.