Global supply chains reported less strain in July than at any point since January 2021, with an easing of port congestion and other issues, the New York Federal Reserve reported on Thursday (Aug. 4).
This was the third straight month of declines and showed encouraging signs for the economy, with policymakers still looking to tame inflation. Inflation has been at highs not seen for decades.
The Global Supply Chain Pressure Index from the New York Fed looks at data on shipping costs, delivery times, backlogs and other statistics. The index is now down almost 50% from the high in December, though it’s still well above pre-pandemic levels.
Reuters reported that supply chain snarls have been a big issue in how the global economy is recovering from the pandemic.
Supply chain got worse again earlier this year after more COVID-19 measures took effect in China, along with the Russian invasion of Ukraine.
PYMNTS recently wrote that the supply chain could be seeing some help from tech.
The report notes that digital tech is being used for aggregating freight and improving routing while adding visibility for transportation and logistics companies.
Read more: Tech Boosts Efficiency Throughout Supply Chain
Executives have spoken about the improvements in various earnings calls over the past week, saying they were investing in future tech as well.
Ryder System was one such company, touting its value-added logistics solutions, which have been in high demand and adding new business, according to Chairman and CEO Robert Sanchez.
Ryder has also invested in startups in areas like autonomous vehicles, eCommerce fulfillment and digital technologies.
“Our investments here advance strategic relationships to support development of new products that benefit our customers and solidify our position as an industry leader,” Sanchez said.
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