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Supply Chain Pressures Took A Turn For The Worse In April: NY Fed

GLOBAL
EM BulletFixed IncomeBulletMarketsEmerging MarketsForeign Exchange

The NY Fed's Global Supply Chain Pressure Index (GSCPI) (today launched as a monthly index) shows a resurgence in global supply chain disruptions in April, after easing between December 2021 and March 2022.

  • "the worsening of global supply chain pressures in April was predominantly driven by the Chinese “delivery times” component, the increase in airfreight costs from the United States to Asia, and the euro area “delivery times” component, as other components have eased over the month. These developments could be associated with the stringent COVID-19-related lockdown measures adopted in China, as well as the consequences of the Ukraine-Russia conflict for supply chains in Europe."
  • One potential upshot from this: core goods inflation has been cooling in the US, helping moderate the extreme upside pressure on overall CPI from surging services prices. Judging from the NY Fed's indicator, it's possible renewed supply chain issues will underpin that disinflationary impulse going forward.

Source: NY Fed


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The NY Fed's Global Supply Chain Pressure Index (GSCPI) (today launched as a monthly index) shows a resurgence in global supply chain disruptions in April, after easing between December 2021 and March 2022.

  • "the worsening of global supply chain pressures in April was predominantly driven by the Chinese “delivery times” component, the increase in airfreight costs from the United States to Asia, and the euro area “delivery times” component, as other components have eased over the month. These developments could be associated with the stringent COVID-19-related lockdown measures adopted in China, as well as the consequences of the Ukraine-Russia conflict for supply chains in Europe."
  • One potential upshot from this: core goods inflation has been cooling in the US, helping moderate the extreme upside pressure on overall CPI from surging services prices. Judging from the NY Fed's indicator, it's possible renewed supply chain issues will underpin that disinflationary impulse going forward.

Source: NY Fed