Electronic Equipment, Semiconductors, and PCBs: Has Short-Term North American Growth Peaked?

摘要

In the first quarter of this year the North American electronics industry seemed to weather the recession storm clouds reasonably well. However, as the second quarter unfurls, there may be more reason for concern. In spite of the weak dollar helping U.S. exports, local electronic equipment consumption must be feeling the pinch. With more and more formerly disposable income now being spent at the gas pump and food store, and record home foreclosure levels, we can only assume that all but the wealthy will have to curtail discretionary electronics purchases. And, in fact, the numbers are beginning to reflect a slowdown. Domestic electronic equipment order and shipment growth may have peaked in March (Chart 1) as the 3/12 rate-of-change headed south in April. We are still in positive territory (3/12 > 1.0) but an end-market slowdown appears in process.