Supply chain bottlenecks beginning to clear up

Supply chain bottlenecks are beginning to clear up as consumer spending returns to a more normal mix of goods and services.

Driving the news: The New York Fed's Global Supply Chain Pressure Index (GSCPI) fell for the third straight month in July, hitting its lowest point since January 2021.

Why it matters: We've been dealing with one supply chain crisis after another since the pandemic threw the global economy out of whack — and it's been contributing to runaway inflation.

By the numbers: At 1.84 points above typical levels — down from an all-time high...