The Impact of Inventory Levels & Consumer Spending on ’25 and Beyond

Dear Client: Late last week Jon Moramarco, bw166 managing partner and author of the Gomberg Fredrikson Report, provided a look-back at 2025 from year-end estimated volumes and inventory levels to consumer spending along with the longer term implications.  SOFT VOLUMES IN 2025. Before digging into the numbers Jon shared, a quick note on 2025 estimates: bw166 uses government data sources to track 100% of shipments into the market. Reporting was delayed in 2025 due to the government shutdown, meaning this