Global supply chains have “returned to normal,” according to data provided by the New York Federal Reserve Bank on March 6, with pressures dropping to their lowest levels since before the COVID-19 pandemic.
The New York Fed said its monthly Global Supply Chain Pressure Index (GSCPI) fell to a reading of -0.26 in February, down from a revised 0.94 in January. It’s the first time the index has fallen into negative territory — which indicates pressures are below the index’s historical average dating to 1998 — since August 2019.
The GSCPI’s recent declines from a record high in December 2021 “suggest that global supply chain conditions have returned to normal after experiencing temporary setbacks around the turn of the year,” according to the bank.
The bank said the latest easing of supply chain pressures were driven by many factors, with the biggest contribution coming from improved European economy delivery times. China lifting its strict COVID-19 restrictions in late 2022 also played a significant role in improving global supply chains in recent months.
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