Supply-Chain Sanity

While the ISM’s manufacturing activity index declined to 58.7 in December from 61.1 in November, with any reading over 50 signaling growth, factories remain busy. A key reason for the decline, the supplier delivery time subindex declined to 64.9 in December from 72.2 in November; 75.6 in October. With pervasive supply-chain problems faster deliveries are good. Moreover, the other three supply-chain subindices are also falling. Might the worst be over?