Wells Fargo “Pressure Gauge” for Supply Chain Pressures

From Wells Fargo today (WFC):

 

In short, the fever may be starting to break, particularly as goods demand has cooled and allowed for some domestic shipping measures to catch up, but a tight labor market and sustained back-up at ports tell us that we have a long way to go before we can point to a definitive improvement, let alone call the all clear.

Below is the summary graphic:

(Click on image to enlarge)

A related supply chain pressure index developed by the NY Fed was discussed here in January.