Infinitesimal Inventories

Traditionally, the retail inventory-to-sales ratio fluctuates between 1.4 and 1.5. In 4/20 it skyrocketed to 1.67 as we were locked down and stopped most purchases. By July, it collapsed to 1.2 as retailers stopped buying. By December, the ratio had partially recovered to 1.28 but has since quickly fallen to 1.1! Stimulus checks, increased vaccinations, and job growth are making it impossible to keep things in stock, thus higher prices.