Supply-Chain Disruptions Easing. More Supply or Less Demand?

June's surveys of five of the 12 district Federal Reserve Banks strongly suggest that supply-chain disruptions have eased significantly in recent months. However, that has yet to relieve inflationary pressures according to the surveys.The question is whether the drops in regional indexes tracking unfilled orders and delivery times during the first half of this year reflect more ample supplies or diminishing demand. Presumably, if demand is taking a dive, so should the regional prices-paid and prices-received indexes, which have remained elevated over the past 12 months through June (charts below).