Inventory is still increasing, but the inventory build has slowed somewhat over the last several weeks. Still, inventory is increasing faster than in 2019 at this time of year (both in percentage terms and in total inventory added). Here are the same week inventory changes for the last four years:
This inventory graph is courtesy of Altos Research.
1. The seasonal bottom (happened on March 4th for Altos) ✅
2. Inventory up year-over-year (happened on May 13th for Altos) ✅
3. Inventory up compared to two years ago (currently down 8.6% according to Altos)
4. Inventory up compared to 2019 (currently down 43.0%).