My take on this is a bit different. I think businesses are anticipating a slowdown and cutting inventory ahead of it.
Reported this morning with August Retail Sales is data on Inventory/Sales ratio from July. While a lagging indicator and not historically a good indicator of future economic activity, the July 2020 report emerges as underscoring a unique forecast for accelerated future economic activity. Total Business Inventories are reported at historic lows of 1.23, only slightly above the June level of 1.22. Both long-term and short-term histories are presented of Total Business, Retail and Manufacturing