Industry News
October 2022 NEMA Electroindustry Business Confidence Index
November 03, 2022
After spending two months straddling the line between better and worse conditions, the current conditions component slid into “worse” territory, posting a reading of 42.3 in October. Nearly 70 percent of respondents indicated “unchanged” business conditions, but an increased share of panelists reported “worse” conditions, which was more than sufficient to pull this month’s score down. Despite this component’s retreat to a mildly contractionary reading, a few comments noted continued solid demand as evidenced by strong orders activity. Longstanding concerns about supply chain problems and a still-tight labor market were joined by a mention of “elevated customer inventory levels” as factors that have helped to erode business conditions.
