Cross-Checking Views on Inventory Levels Across End Markets

This report analyzes inventory levels across European, US, and Chinese industrial end-markets. It highlights that while US inventories are largely normalizing, European inventories remain stubbornly elevated above historical averages.

Key Takeaways

• 1.European inventory levels remain steady but elevated across most categories, while US inventories are generally lean with notable exceptions in Machinery and Automotive.
• 2.Electrical equipment inventories in the US are at all-time low levels, indicating strong demand or supply chain depletion.
• 3.In China, housing inventory remains at all-time highs while manufacturing inventories have stabilized at normal levels.

Table of Contents

• Inventory data is an important indicator informing our Barometers
• Summary – End-market inventories remain elevated in Europe
• Note on the inventory methodology
• Detailed regional and end-market views on inventories
• US Inventory: Sub-Sector Indicators
• EU Inventory (net balance survey on stocks of finished products): Sub-Sector Indicators
• China Inventory: Sub-Sector Indicators
• Appendix I: Stock OSG/OOG vs Inventory Indicators
• Appendix II: UK Balance (Survey on Stocks of finished products) - Expected Retail Reported Stocks and Sales
• Disclosure Appendix

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