2025年6月美国行业库存数据点评：价格因素令主动去库钝化

Overall Inventory Cycle - As of June 2025, total U.S. inventory increased by 2.89% year-on-year, compared to a previous value of 2.64%[1] - Total U.S. sales in June 2025 rose by 3.94% year-on-year, up from 3.32% previously[1] - Since April 2025, the U.S. has shifted from passive inventory replenishment to active destocking, but inflationary pressures are slowing this process[1] - Actual inventory growth rates from April to June 2025 were 2.2%, 1.6%, and 1.3% respectively[1] Industry Inventory Cycle - In June 2025, 7 out of 14 major industries were in active destocking, including oil, gas, chemicals, and automotive sectors[1] - The historical percentile for overall inventory growth in June was 35.3%, with specific industries like construction materials at 84.5% and chemicals at 64.6%[1] - Oil and chemical sectors are likely in active destocking, while construction and metal inventories remain high, indicating a potential shift to active destocking[1] - The transportation sector has been in active destocking since April 2025, while automotive parts have also transitioned to active destocking since December 2024[1]