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Too bad our 2% in consumption growth was largely structural deficit. By this I mean households borrowing large sums of money to get in on a real estate bubble before it pops.

Inventory management is a key aspect of recessions.

I would have expected inventories to have adjusted much faster this recession than previous ones; thanks to greater use of information technology (IT), and just-in-time (JIT) inventory management. If I recall, US firms quickly slashed inventories in late 2008. All this to say that the build in US inventories could be interpreted as bullish.

Except that it wasn't a buildup of inventories in the US. It was just a slowdown in the rate of inventory depletion. The inventory change term was still negative, but less negative than in 2009Q3.

Right you are. Not a build but a decrease in the rate of depletion.

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