It is understood that the New York Fed said that the GSCPI includes sub-indices such as delivery time, backlog orders and inventory purchases in the Purchasing Managers’ Index (PMI).
At the same time, the U.S. ISM manufacturing inventory index rose 1.3 percentage points to 57.3% in July 2022, the highest since July 1984 (57.8%). The U.S. ISM manufacturing price index fell sharply from 78.5% in June to 60.0% in July, hitting a new low since August 2020 (59.5%), meaning that raw material prices rose for the 26th consecutive month, but the increase slowed significantly.
Chris Williamson, chief business economist at S&P Global Market Intelligence, pointed out on Monday that supply chain issues remain a major concern, but have eased, slightly easing pressure on various raw material prices, resulting in the lowest increase in factory prices in nearly a year and a half The sharp cooling adds to signs that inflation has peaked.
Overall, supply chain issues have become a key issue in the global recovery from the pandemic, as well as a key issue for the Federal Reserve and other major central banks to curb inflation. Now, the Federal Reserve and other central banks have begun raising interest rates at a faster pace to curb demand for goods and services, while hoping to bring the economy into better balance by unblocking supply chains.