Supply chain activity continues to expand in the U.S., with U.S. seaborne imports rising by 14.3% year over year in July and by 10.3% compared to 10.3% compared to July 2019. The rate of expansion is nonetheless slowing. Imports from China, the prior driver of growth, rose by just 3.1% year over year. Shipments of consumer durables continued to grow fastest with home furnishing and home appliances rising by 38.8% and 41.0% in July 2021 versus July 2019. Yet, imports of electronics fell by 13.4%, likely due to a shortage of semiconductors. The renewed spread of COViD-19 in the meantime ma...