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        1. NEMA
        2. Analytics
        3. Electroindustry Business Conditions Index (EBCI)

        Electroindustry Business Conditions Index (EBCI)

        The EBCI indices are based on the results of a monthly survey of senior managers at NEMA Member companies and are designed to provide a measure of changes in the business environment facing electrical equipment manufacturers.

        For more information, e-mail NEMA Business Information Services.


        • 2023
        • 2022
        • 2021
        December 2021

        The current conditions component remained in positive territory in December even after giving up a handful of points from November’s reading of 63.3. The move to the current reading of 56.7 was driven by a decline in the share of “better” responses that was directly offset by the increase in the proportion of reported “unchanged” conditions. Although a couple of comments were unambiguously positive or negative, most of the expressed sentiment tended to reflect the muddled conditions of ample demand being dampened by supply challenges. pdfEBCI results 202112nm

        November 2021

        Buoyed by an uptick in the share of respondents who noted better conditions and a drop to zero reports of worse conditions in November, the current component reversed course from last month and hit its highest reading since June of this year. The gauge’s movement to well into expansion territory came in spite of commentary perhaps best labeled as cautious. The “broken record,” as framed by one commenter of supply chain and hiring woes continued as the focus of discussion among respondents. Another comment described the “discombobulated and complicated market environment” presenting a mix of peril and opportunity. pdfEBCI results 202111nm

        October 2021

        Despite reports of strong demand, supply side problems helped push the current conditions component to the first sub-50 reading since May 2020, when the electroindustry was just beginning to regain its footing after the pandemic’s onset. The nearly 12 point negative shift from 57.7 last month to 46.2 in October was driven largely by an increase in the share of responses indicating worse conditions during this survey period. The majority of respondents continued to note unchanged conditions, but that stable platform eroded slightly this month. The prevailing sentiment was probably best expressed by the comment that, “supplies for products are becoming more difficult to obtain as the year goes on.” pdfEBCI results 202110nm

        September 2021

        The current conditions component returned to presumed growth this month after hitting a plateau in August. The nearly 8-point expansion to 57.7 in September was driven largely by a decline in the share of respondents that reported worse conditions compared to the previous month. September’s score marked the third consecutive month in the 50s, suggesting that conditions remained conducive to expansion but at a bit less robust pace than in much of the past year. Comments reflected the opposing forces at play in the macroeconomy, with unresolved supply chain problems competing against unflagging demand. pdfEBCI results 202109nm

        August 2021

        Hitting its lowest reading since coming out of the pandemic-induced recession, the current conditions component lost just over seven points from July’s result to land at 50 this month. An equal share of respondents noted better conditions and worse conditions, but a substantial majority of panel members, 60 percent, rated the current business as unchanged from a month ago. Comments were uniformly negative with common concerns centering on difficulty in finding qualified labor, inflationary pressures, and broad supply constraints.pdf EBCI results 202108nm

        July 2021

        The current conditions component slid nearly 13 points to 57.1 in July from 70 the month before, leaving it still in positive territory but with the lowest reading since last October. At 57 percent, the majority of respondents considered July's conditions unchanged from the previous month’s, but a noticeable uptick in the share of responses noting worse conditions helped claw the current component back from its recent loftier readings. Comments were relatively negative in tone with all of them touching in one form or another on lingering supply chain woes. Concern about the potential of an unwelcome change in the pandemic’s trajectory also found its way back into the comments. pdf EBCI results 202107nm

        June 2021

        A slight improvement in confidence boosted the current conditions index from a reading of 65.4 last month to 70 points in June. The share of panelists reporting better conditions increased, as did those indicating unchanged conditions. Concurrently, the number of respondents indicating worse conditions than in the prior month dropped to zero. Although one comment, regarding projects that were previously on hold and are now proceeding, was quite positive, most reflected a bit of ambivalence, especially regarding the effects of supply chain challenges and inflationary pressures. pdfEBCI results 202106nm

        May 2021

        Sentiment regarding current conditions appeared to take a breather this month after reaching a high-water mark in April. With responses of “unchanged” conditions making up a majority of the EBCI panel’s input, the current component retreated 24 points to a still-robust reading of 65.4 in May. pdfEBCI results 202105nm

        April 2021

        Mirroring reports of a broadly surging manufacturing sector, the current conditions component reached its all-time most expansive reading in April, hitting 89.5 points. The nearly 10-point increase from the previous month resulted in part from a drop in the share of participants who reported unchanged conditions, with additional impetus from having no respondents indicate worse conditions in April. Although the quantitative score was undoubtedly upbeat, comments suggested that some categories remained sluggish, while others faced supply constraints in trying to keep up with demand. pdf EBCI results 202104nm

        March 2021

        For the tenth consecutive month, the EBCI current conditions component topped 50 points, indicating conditions conducive to growth. March's reading of 80 built on an already robust 64.3 in February and was driven by two-thirds of survey respondents' indicating better conditions. Fewer than 10 percent noted worse conditions while the remainder saw things as unchanged. Electroindustry shipments and new orders data reported by the Census Bureau buttressed this result as both have grown rapidly in the two most recent monthly reports. Some panelists pointed to slower or delayed activity, but most noted improvements in the economic environment and on the pandemic front. pdfEBCI results 202103nm

        February 2021

        Although we noticed some concern about the ephemeral nature of optimism regarding business conditions, the current conditions component expanded to 64.3 in February, compared to 60 last month. The majority of respondents noted unchanged conditions, and the share indicating worse conditions edged down slightly, leading to the modest improvement seen in the topline measure. pdf EBCI results 202102nm

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