Industrial Performance remains weak as oversupply deepens

Climate Progress Indicators show a larger and more durable credit surplus since 2020, although the pace of deterioration slowed sharply in 2026:

Latest (How much compliance demand is already banked): Persistent oversupply; 2.6 years banked; 74% of credits >3 years old
Trend (Whether the credit bank is getting better or worse over time): Oversupply deepening; 0.8 to 2.6 years
Pace (whether recent change is moving fast enough to improve the outcome): Deteriorating more slowly; -3.6%, up from -16.7% in 2025

Overall signal has remained Weak throughout 2020-2026.