The current conditions component returned to presumed growth this month after hitting a plateau in August. The nearly 8-point expansion to 57.7 points in September was driven largely by a decline in the share of respondents that reported worse conditions compared to the previous month.
The ElectroIndustry Business Conditions Index (EBCI) is a monthly survey of senior executives at electrical manufacturers published by the National Electrical Manufacturers Association (NEMA), Rosslyn, VA. Any score over the 50-point level indicates a greater number of panelists see conditions improving than see them deteriorating.
Led by a sharp uptick in the proportion of responses indicating unchanged conditions, the EBCI’s future component narrowed from 63.3 points last month to 53.8 points in September, making this the lowest reading since March 2020, at the start of the pandemic response. These results indicated projections of marginally improved conditions in six months and a deceleration from the torrid pace of recent expectations. Uncertainty primarily surrounding supply chain permeated much of the commentary, but one NEMA executive sounded a note of optimism because previously delayed projects were slated for release in Q4 2021.