News
The Global Supply Chain Pressure Index (GSCPI) went down to -1.06 points in March, according to the Federal Reserve Bank of New York (New York Fed). It has remained on an improving trend for three months in a row and reached the lowest point since hitting -1.2 points in August 2009.
The GSCPI, which had continued to gain for five consecutive months, declined to 0.94 points in September 2022. However, it remained on a worsening track for three straight months, rising to 1.05 points in October, 1.16 points in November and 1.19 points in December. There was an improvement again in January 2023, as the index fell to 0.96 points. In February, it decreased all the way to -0.28 points, falling below the average for the first time since August 2019.
The GSCPI slid more in March due to shorter delivery times and backlog recoveries in Europe as well as a decline in purchases in Taiwan. “The GSCPI's recent movements suggest that global supply chain conditions have largely normalized,” says the New York Fed.
