NEW YORKLONDON, Aug 10 Reuters Lean times faced by many U.S. and European companies may last longer than expected as they try to sell off their bulging inventories in an economic climate where demand is stalling.

Fulltobursting warehouses means fewer orders for manufacturers, which translates into lower levels of business activity and, ultimately, weaker growth.

The high stock levels are the result of retailers, wholesalers and manufacturers stockpiling everything from beer to DIY tools, chemicals and clothes as COVID19 lockdowns snarled supply chains and shut factories.

They stocked up again after Russia39;s invasion of Ukraine pushed up the price of raw materials such as energy and wheat.

Now, global demand is falling as borrowing costs have risen, so companies have started running down stocks. But the process has been much slower than expected and may drag into next year.

Maersk CEO Vincent Clerc said the company, one of the world39;s biggest container shippers, was caught offguard by how long it was taking businesses to cut inventory.

We had expected customers to draw down inventories around the middle of the year, but so far we see no signs of that happening. It may happen at the beginning of next year, he said at a recent media briefing.

Maersk controls about onesixth of global container trade, transporting goods for a host of major retailers and consumer goods companies.

A review of corporate statements and briefings shows more than 30 U.S. and European…