Tracking U.S

Equity Research 3 August 2026 | 4:01PM EDT

TRACKING U.S. SUPPLY CHAIN CONGESTION

GS Supply Chain Congestion Scale: Aug 3rd; Index Down Slightly W/W, Bottleneck Scale Unchanged at ‘2’

Our weekly bottleneck scale Jordan Alliger | GS Supply Chain Congestion Scale remained at ‘2’ this week as the Goldman Sachs & Co. LLC Week of 8/3/2026 absolute level of our congestion index Andrzej Tomczyk, CFA was down slightly on a sequential | basis (-2% w/w; Exhibit 2). For this Goldman Sachs & Co. LLC

2 week’s scale and index, the number of Paul Stoddard | container ships waiting to dock and Goldman Sachs & Co. LLC 1 10 unload goods along the West Coast Fully Open Fully Bottlenecked remained unchanged at 1, while backlogs along the East Coast remained Scale is based solely off weekly metrics to give more granularity on high frequency data indications; see at 5 (Exhibit 6). West Coast rail Appendix for scale that combines weekly and monthly intermodal traffic growth decelerated metrics versus last week (+5% YoY vs +8% YoY Source: Goldman Sachs Global Investment Research last week; Exhibit 7), while rail service metrics were mixed. Chassis dwell times were unchanged on average at US ports (Exhibit 9), while ocean container shipping rates (China to US West Coast) were down 12% WoW but still up +166% YoY (Exhibit 10).

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Tracking U.S. Supply Chain Congestion

Exhibit 1: Our weekly composite index declined in the Exhibit 2: Our average weekly bottleneck score in July most recent week (-2.2% w/w); the bottleneck scale tracked at 2; this result is down significantly from the remained at ‘2’; overall bottleneck levels remain well Dec21/Jan22 peak of congestion and close to in line with below peak congestion levels when scale was at ‘10’ and the pre-Covid baseline now imply levels in line with pre-Covid fluidity GS Weekly Congestion Scale, Scored by Month* GS Weekly Bottleneck Index, Feb 2020 - July 2026

Oct 10 - Oct 16 Mar 10 - Mar 16 Feb 3 - Feb 9 May 11 - May 17 May 20 - May 26 July 31 - Aug 6 Mar 1 - Mar 7 Dec 2 - Dec 8 Aug 17 - Aug 23 Nov 23 - Nov 29 Jun 7 - Jun 13 Sep 13 - Sep 19 Dec 20 - Dec 26 Mar 28 - Apr 3 Apr 24 - Apr 30 Feb 12 - Feb 18 Aug 26 - Sept 1 Sep 22 - Sep 28 Dec 29 - Jan 4

Jul 13 - Jul 19 (2026) Jan 16 - Jan 22 Jun 16 - Jun 22 Apr 6 - Apr 12 (2026) July 4 - July 10 Nov 6 - Nov 12 2 1 0

Mar-20 Jul-20 Nov-20 Mar-21 Jul-21 Nov-21 Mar-22 Jul-22 Nov-22 Mar-23 Jul-23 Nov-23 Mar-24 Jul-24 Nov-24 Mar-25 Jul-25 Nov-25 Mar-26 Jul-26

Source: Goldman Sachs Global Investment Research *Numbers reflect the average weekly score seen in each respective month

Source: Goldman Sachs Global Investment Research

As a reminder (and to help reiterate why and how we construct the index), please refer to the Appendix following Exhibit 17. Additionally, for further clarity on tracked congestion metrics, please refer to the glossary following Exhibit 19.

Transport Subsectors to Watch as Congestion Remains Muted The key question remains as to what impact tariffs and geopolitical conflicts will have on demand and timing of freight flows, as well as ability to normalize around global trade. Please see our recent tariff impact tracker for additional commentary. Should supply chain pressures broadly continue to mitigate, then it is conceivable we could see the index remaining more consistently in ‘1’ territory in 2026.