The GEP Global Supply Chain Volatility Index increased to a six-month high of -0.15 in December, up from -0.20 in November. Supply chain activity increased as manufacturers built inventories likely in response to an incoming Trump administration that may implement tariffs. Weak demand continues to be the main reason for loose supply conditions.

Supply conditions in North America and the UK were observed as more slack with the latter region seeing an 8-month low. In Asia and Europe, supply conditions tightened but the latter continued to see weak industrial demand.