The global manufacturing slowdown deepens, supply chains
The GEP Global Supply Chain Volatility Index for August 2024 showed that global procurement activity contracted by the largest amount since December 2023, with manufacturers in North America, Europe and Asia reporting underutilization of capacity. The index fell to -0.37, the lowest level this year, indicating falling demand and overcapacity among global suppliers. See also: GEP Global Supply Chain Index predicts manufacturing downturn will continue until 2024 The North American market was the weakest, with a sharp drop in demand for US factories, while the European manufacturing recession, affected by Germany and France, continued to deepen. Meanwhile, Asian suppliers, including China, have idled capacity for the first time since March, although India remains a major supplier. Despite weak market conditions, UK manufacturers are still operating at close to full capacity. The report highlighted shrinking global demand, lower inventories, fewer material shortages, stable labor conditions and slightly lower transportation costs as manufacturers brace for further economic headwinds. GEP President Neha Shah…
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