By Michael S. Derby

-Supply chain stress ticked up a hair in May, data from the Federal Reserve Bank of New York said Thursday.

The bank said its Global Supply Chain Pressure Index for May rose to 0.19 from -0.28 in April. Positive readings denote above average levels of stress and while May’s reading was only slightly positive, it was the second time it stood in positive territory this year, and it was the highest reading since the 0.20 seen in August of last year.

The New York Fed index suggests that for all the tumult around President Donald Trump’s global trade war, which at points has risked severing between the U.S. and China due to very high tariff rates, the system of moving goods between nations continues to function smoothly.

Current readings for supply chain stress remain very far below those seen during the COVID-19 pandemic, which saw trade stress peak in December 2021 when the New York Fed index hit 4.44.

(Reporting by Michael S. Derby)