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7th May 2025 08:41USDaily Monitor

  • The monthly inventories data show very little in the way of pre-tariff stockpiling in most industries... 
  • ...Consistent with trade data showing that the Q1 jump in imports was limited to a few specific goods. 
  • Mismeasurement of pharma inventories suggests Q1 GDP growth was underestimated by around 1pp. 

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Keywords for: 9 May 2025 US Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence