One area where there is clearly a lot of hope at present is that the recent production cutbacks have been so deep that they have run off unwanted inventory. Many commentators believe that the process has been completed and they therefore expect GDP to bounce back in the second half of this year as production schedules are adjusted back upwards.
Well, click on chart below (courtesy of Societe Generale) to enlarge, and think yourself. Probably sales are falling faster than inventories?
GDP recovery to be seen soon?
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