These numbers are slightly dated, but they show that the inventory liquidation period is over, and that (the) drag on the economy is probably behind us.

We're still in a seasonally weak period of year, where companies are trimming workforces, ... It weighs on people's minds when they hear about companies cutting back.

We have probably hit the bottom in inventory liquidation, and hopefully we are actually now rebuilding inventory,

To me, the business cycle is working as it always does, absent an external shock. Inventory liquidation means firms have to increase production, and they're already doing that. They're also increasing the length of the work week and hiring temporary workers. All these things support income and spending.

This is a technical liquidation. There are large numbers of non-commercial (contracts) out there.

The numbers are slightly down, but are nothing to be concerned about.