Declining world supply chain pressures are being challenged by new disruptions in China tied to the coronavirus pandemic, the New York Federal Reserve reported on Friday.
The regional Fed bank's December Global Supply Chain Pressure Index ticked down to 1.18 from November's revised 1.23 reading. According to the report, supply chain pressures have been easing notably since the spring of last year and bottomed in September, and have since then been bouncing around in a tight range.
In contrast to much of the rest of the world, until recently China has been pursuing aggressive lockdown strategies to mitigate the spread of the virus. Given China's large role in manufacturing, that approach has kept pressure on supply chains over recent months. Now, the easing of restrictions has been attended by a massive wave of coronavirus infections, which threaten to keep pressure on the ability to ship goods out of China.
Since the onset of the pandemic in the spring of 2020, global supply chains have been highly disrupted and have been a notable driver in helping to create the highest levels of inflation seen in decades.
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