Important: The GSCPI tries to isolate what's happening on the supply side of the equation, rather than looking at demand factors, to get a more accurate estimate of the state of supply pressures. PMI data goes back to 2007, so to construct the GSCPI for earlier years, the New York Fed used the manufacturing survey from the Institute for Supply Management (ISM). The GSCPI specifically uses PMI data across seven markets: the Euro area, China, Japan, South Korea, Taiwan, the UK, and the US And the GSCPI specifically uses the following PMI subsets: Delivery times, "which captures the extent to which supply chain delays in the economy impact producers," the New York Fed explains Backlogs, looking at order volume that organizations have received but have not been able to complete yet And purchased stocks, which is an inventory measure. Purchasing Manager Index (PMI) surveys, providing economic insights from senior executives in the private sector.US Bureau of Labor Statistics (BLS) Import/Export and Inbound/Outbound Air Freight Indices, measuring air freight prices to and from the US.Harpex Index, measuring container shipping prices.
Baltic Dry Index, measuring raw material shipping costs around the world.The following data is used to create the GSCPI: The index is meant to help policymakers, businesses, and consumers understand the state of global supply chains. The index combines variables from several indices in transportation and manufacturing, such as those related to delivery times, prices, and inventory. The Global Supply Chain Pressure Index (GSCPI) is a new measurement of supply chain conditions, created by the Federal Reserve Bank of New York. What is the Global Supply Chain Pressure Index? If you've been waiting weeks or months for furniture deliveries, can't find your favorite items on store shelves, or live near the coast and have noticed container ships lined up to get into ports, you've probably realized that global supply chains are under stress.īut how bad is the problem, and how does it compare to other periods like the 2007 to 2009 global financial crisis? A new index, called the Global Supply Chain Index, from the Federal Reserve Bank of New York aims to answer these questions. By clicking ‘Sign up’, you agree to receive marketing emails from InsiderĪs well as other partner offers and accept our
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