Supply Chain Disruptions Have Eased, But Remain a Concern

Jaison Abel and Richard Deitz

No 20240520, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Supply chain disruptions became a major headache for businesses in the aftermath of the pandemic. Indeed, in October 2021, nearly all firms in our regional business surveys reported at least some difficulty obtaining the supplies they needed. These supply chain disruptions were a key contributor to the surge in inflation that occurred as the economy recovered from the pandemic recession. In this post, we present new measures of supply availability from our Business Leaders Survey and Empire State Manufacturing Survey that closely track the New York Fed’s Global Supply Chain Pressure Index (GSCPI). We will begin publishing these data on a monthly basis starting in June. These indexes indicate that supply availability had generally been improving since early 2023, but over the past couple of months, improvement has stalled. This trend is concerning since our May Supplemental Survey indicates that between a third and a half of businesses in the region are experiencing difficulties obtaining supplies, and many are reducing operations and raising prices to compensate, though to a lesser extent than a few years ago.

Keywords: supply chain; supply availability; inflation; prices (search for similar items in EconPapers)
JEL-codes: E3 R0 (search for similar items in EconPapers)
Date: 2024-05-20
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