U.S. Packaging Paper Is Up – But July’s Inventory Jump May Be the Signal Everyone Misses
The July 2026 numbers look positive.
Shipments up 1% year over year.
Year-to-date shipments up 5%.
Operating rates stronger than last year.
Sounds good.
But there is one number that makes the report much more interesting:
Inventories climbed to their highest level since February.