NEMA’s Electroindustry Business Conditions Index (EBCI) for current conditions in North America fell back in February, dropping to 44.4 from 50 the previous month as more panelists reported conditions eroded than improved. Compared to January, smaller shares of the survey panel reported both that business conditions improved (22% in February compared to 41% in January) and that they deteriorated (33% in February compared to 41% in January). A plurality of panelists (44%) claimed conditions were unchanged in February. A considerably smaller 18% held this view a month ago.

NEMA’s Electroindustry Business Conditions Index (EBCI) for current conditions in North America slipped below the 50-point level typically associated with expansion in January for the first time since October 2012. The index declined for the third straight month, falling to 40.6 from 52.8 in December. The share of respondents that reported conditions improved in January declined to 12.5 percent from 16.7 percent in December, while the share reporting conditions deteriorated increased to 31.3 percent from 11.1 percent. Just over 56 percent of respondents indicated that conditions were unchanged from December to January.