Comps are getting very easy in metals and industrials, and, excluding the destocking effect, even stabilization would be positive.

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Disappointingly, inventories grew by 0.1%, which dashes hopes that the slowdown in economic growth was only a temporary consequence of destocking by businesses.

FORBES

Jewelry fabrication fell by 4.5% to 159.8 million ounces (4, 971 tons), mainly due to drop in consumption and trade destocking in most Western markets, the report said.

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One reason is that the plunge in output in late 2008 and early this year was exacerbated by massive destocking (companies were living off their existing supplies).

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But then destocking and disasters could subtract 0.6% in 2000.

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But FedEx also said it was delaying the delivery of 11 777 aircraft given adjustments to its network, particularly in Asia, in response to recent inventory destocking trends.

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But there is good reason to hope that by midyear the economy will perk up as destocking comes to an end and the government's fiscal stimulus kicks in.

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It was also lower than the 10.3% recorded in December and the 10% recorded in the fourth, suggesting there may be some destocking due to the Chinese New Year holiday.

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The cut reflects destocking in some industrial supply chains that has sped up in the current quarter, the company said, pointing out softening demand in consumer electronics and continued weakness in housing and construction markets.

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The company added that while the fourth quarter would benefit as usual from the boost in seasonal sales, that would be offset by inventory destocking by its customers and a continued softening of the construction sector.

FORBES