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While PCB business conditions remain difficult, the leading indicators are pointing in the right direction. January's Purchasing Manager's Index (Chart 1) climbed to nearly 50, the "break even point." As it crosses 5O, hopefully in February, the U.S. economy will again be growing from a purchasing viewpoint. This PMI rebound is a very welcome sign, as it signaled the current recession when it broke 50 and headed down in August 2000!
U.S. electronic equipment orders (Chart 2) continue to recover, albeit slowly. We have now exceeded pre-Sept. 11 demand levels. Perhaps more importantly, the "inventory glut" may be behind us as OEM inventory levels are still ...