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Results from NEMA's latest electroindustry confidence survey echo those of numerous other economic data releases of late, indicating the business environment facing the industry has hit a soft patch — but one that is expected to prove temporary.
NEMA's Electroindustry Business Confidence Index (EBCI), a monthly survey of electrical manufacturers published by the National Electrical Manufacturers Association (NEMA), Rosslyn, Va., says confidence about current North American conditions slipped 6.8 points to 45.5 points in June, dropping below the 50-point growth threshold for the first time since Oct. 2010. The index had climbed as high as 69.6 points as recently as Feb. 2011, prior to a sharp run-up in oil prices and Japan's earthquake and tsunami.
Despite receding in June, the EBCI for future North American conditions continues to suggest an improvement in conditions six months hence, topping the 50-point mark for a 28th consecutive month in June. However, the decline from May was dramatic. The index measured 63.6 points for the month, down 18.2 points from 81.8 points in May.
With the exception of Europe and its 3.9-point increase to 40.6 points, the other global EBCI indexes for current economic conditions also dropped in June. Latin America slid 5.5 points to 52.8 points, and the Asia-Pacific region declined 9.4 points to 50 points. The global EBCI indexes reflected more dramatic declines, with Latin America, Europe and the Asia-Pacific region registering decreases of 10.2 points, 11.2 points and 23.9 points, respectively. The only good news on the global front is the EBCI indexes for future conditions are all still above the 50-point mark indicating a positive economic climate.