Overstocking at Target, Walmart, Amazon, and other big retailers are the latest unexpected red flag for what’s happening in the economy.
It’s an about-face from the beginning of 2022, when things were economically pretty peachy. Too peachy, one could argue: People were buying so much stuff that our ports and terminals could barely handle the massive import volume. Companies were desperate for someone, anyone, to come work for them. And movie theaters, offices, planes and other locales many eschewed during the pandemic were poised to bounce back; the omicron wave appeared mild compared to previous bouts of the coronavirus.
The vibes were good. Now, the vibes are completely terrible.