Rosenberg: Get Real, The Inventory Re-Stocking Cycle Is Coming To An End

David Rosenberg’s morning note is all about yesterday’s seemingly good ISM report, and of course he’s pouring cold water over it.

We’ve already noted how the report wasn’t that great: expectations of future activity were subdued. But here’s another point to consider.  While everyone is talking about inventory re-stocking, after the dramatic downturn seen this year, the inventory-to-sales ratio is still pretty high.

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