The GEP Global Supply Chain Volatility Index increased to -0.20 in November, up from -0.39 in October. This indicates that supply chains were the tightest since June. North American manufacturers reported an increase in stockpiling as firms anticipate an increase in import costs likely from expectations that tariffs would be implemented by the new US administration. Asian supply chains became tighter as Chinese activity improved as a result of government stimulus. Europe, on the other hand, saw looser supply conditions as the manufacturing downturn continued, especially in Germany.