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The Logistics Managers Index dropped to 67.1 in May, the second straight decline from a record of 76.2 reached in March.

Some supply strains in the U.S. are easing, two years after a jump in demand started emptying shelves, snarling shipping and sowing the seeds of soaring inflation.

A gauge of logistics stress in the U.S. economy eased in April as freight transportation cooled, a sign that the broader economy is downshifting to a speed that remains expansionary.

The U.S. economy is strong enough to avoid a sharp downturn, even as concerns are growing about how long consumers can sustain healthy spending levels amid rising inflation, the head of transportation at Deutsche Post AG’s DHL supply chain division said.

The Logistics Managers’ Index, a measure of U.S. supply chain pressures, rose to a record.

Global supply strains that started to ease in early 2022 are worsening again as headwinds strengthen from the war in Ukraine and China’s COVID lockdowns, threatening slower growth and faster inflation across the global economy.

Ocean freight rates on goods shipped to both U.S. coasts from Asia fell to the lowest levels since July, reflecting an easing of supply strains after the pre-holiday shipping frenzy that fanned inflation fears in the world’s largest economy.

Ocean freight rates, which have pummeled retailers and manufacturers throughout 2021, may take more than two years to return to normal levels if past market cycles are any guide.

Officials in Long Beach, Calif., relaxed restrictions on storing shipping containers in a bid to ease a bottleneck that’s left nearly 80 vessels waiting offshore to enter the biggest U.S. gateway for ocean freight.

To understand why more than 100 containerships are waiting to enter U.S. ports from Southern California to Savannah, Ga., it helps to keep tabs on the congestion that’s building at another key junction of freight transportation: rail yards.