Touching Down Softly in 2007

摘要

Oem q4 fy 06 revenues (and also net income) were up eight percent versus Q4 FY 05, based upon composite financials of 61 multinational electronic equipment manufacturers (Chart 1). At the same time (Chart 2), the ratio of inventories to revenues declined across the food chain (OEM companies, EMS providers, semiconductor manufacturers, and electronic component distributors). A decline in stock levels was very welcome in this slowdown portion of the current business cycle.rnThis January, domestic end-market demand softened as electronic equipment orders dropped (Chart 3)—although shipments (a trailing indicator) rose. North American printed circuit orders and shipments followed suit (Chart 4). United States electronic equipment, PCB, and PCB process equipment business cycles (Chart 5) all appear to be headed to their low points in 2007.