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Stimulus-fueled retail sales started spiking last year, culminating in a mind-blowing free-money blow-off top in April.
In dollar terms, overall inventories ended July at $603 billion, unchanged since April, and down 9.3% from two years ago.
Supermarkets have recovered from the empty-shelves phenomenon in March and April 2020, caused by panic buying and a shift in consumption from work and restaurants to the home.