Tracking U.S. Supply Chain Congestion GS Supply Chain Congestion Scale Aug 17th

Equity Research 17 August 2026 | 4:01PM EDT

TRACKING U.S. SUPPLY CHAIN CONGESTION

GS Supply Chain Congestion Scale: Aug 17th; Index Down 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 8/17/2026 absolute level of our congestion index Andrzej Tomczyk, CFA was down moderately on a sequential | basis (-4% 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 Scale is based solely off weekly metrics to give more backlogs along the East Coast granularity on high frequency data indications; see decreased to 2 from 5 in the prior week Appendix for scale that combines weekly and monthly metrics (Exhibit 6). West Coast rail intermodal Source: Goldman Sachs Global Investment Research traffic growth decelerated slightly versus last week (+5% YoY vs +6% YoY last week; Exhibit 7), while rail service metrics were mixed. Ocean container shipping rates (China to US West Coast) were up +11% WoW and up +222% YoY (Exhibit 10).

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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 August most recent week (-4% w/w); the bottleneck scale is tracking 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 - Aug Feb 3 - Feb 9 May 4 - May 10 3 Aug 3 - Aug 9 Nov 2 - Nov 8 Feb 1 - Feb 7 May 3 - May 9 Aug 2 - Aug 8 Nov 1 - Nov 7 2 Jan 31 - Feb 6 May 2 - May 8 Aug 1 - Aug 7 Oct 31 - Nov 6 Jan 30 - Feb 5 1 May 1 - May 7 July 31 - Aug 6 Oct 30 - Nov 5 Jan 29 - Feb 4 Apr 29 - May 5 0

Apr-20 Aug-20 Dec-20 Apr-21 Aug-21 Dec-21 Apr-22 Aug-22 Dec-22 Apr-23 Aug-23 Dec-23 Apr-24 Aug-24 Dec-24 Apr-25 Aug-25 Dec-25 Apr-26 Aug-26 July 29 - Aug 4 Oct 28 - Nov 3 Jan 27 - Feb 2 Apr 28 - May 4 Jul 28 - Aug 3 Oct 27 - Nov 2 Jan 26 - Feb 1 Apr 27 - May 3 (2026) Jul 27 - Aug 2 (2026)

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.