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Global Supply Chains Are Back to Normal

According to the New York Fed, a reduction in shipping congestion, an easing of parts shortages, and weakening consumer demand have result in below-normal supply-chain pressures around the world.

By Brendan Murray | March 06, 2023 at 10:49 AM
Photo: Shipping containers on the CSCL Arctic Ocean container ship, operated by China Ocean Shipping Group Co., at the Port of Felixstowe, in Felixstowe, U.K., on January 13, 2023. Shipping containers on the CSCL Arctic Ocean container ship, operated by China Ocean Shipping Group Co., at the Port of Felixstowe, in Felixstowe, U.K., on January 13, 2023.

Global supply chains have returned to normal, the Federal Reserve Bank of New York said, almost three years after Covid-19 was declared a pandemic.

Actually, supply pressures around the world fell below normal. The February reading in the New York Fed’s Global Supply Chain Pressure Index was -0.26, reaching negative territory for the first time since August 2019.

Zero marks the historical average, and changes in either direction mark standard deviations from that trend. Maximum disruptions pushed the gauge to a peak of 4.31 in December 2021.

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