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February electronic industry business conditions: 'flat but not disastrous'
April 1, 2001 |Estimated reading time: 1 minute
February electronic industry business conditions: 'flat but not disastrous' Walt Custer analyzes the recently-released US Durable Goods order report:
The U.S. Durable Goods order report released on Tuesday indicates that February electronic industry business conditions were flat but not disastrous. We will get more details in the Factory Orders report to be released Tuesday, April 3. (That report gives orders and shipments for each electronics category).
From the "Durable Goods report" narrative below, electronic and other electrical equipment orders increased in February-probably led by semiconductors. By comparison, February PCB orders plummeted-down 43% vs. February 2000 as the 1-month book/bill ratio dropped to 0.60.
It would appear that end market demand is much more stable than PCB orders-suggesting (again) that PCBs have vastly "overcorrected." This would add credence to a possible "V"-shaped PCB order recovery in the second half of 2001.
However, from conversations with a number of PCB makers in the last few days, it looks like both March and April PCB orders will be bleak.
NEW ORDERS New orders for manufactured durable goods in February decreased US$0.4 billion or 0.2 percent to $199.2 billion. This follows a 7.3 percent January decrease. Electronic and other electrical equipment increased $2.2 billion or 6.0 percent to $39.4 billion, due to electronic components.
SHIPMENTS Shipments of durable goods in February decreased $0.6 billion or 0.3 percent to $200.9 billion, following a 2.5 percent January decrease. Industrial machinery and equipment, led by computer and office equipment, had the largest decrease-$1.6 billion or 3.6 percent to $41.8 billion. This is the largest decrease since December 1991. Electronic and other electrical equipment increased 0.1 percent to $40.4 billion.
UNFILLED ORDERS Unfilled orders for durable goods in February decreased $1.7 billion or 0.3 percent to $568.4 billion, following a 0.3 percent January decrease. Transportation equipment, led by aircraft and parts, had the largest decrease, $1.2 billion or 0.4 percent to $262.6 billion. Electronic and other electrical equipment, down three consecutive months, decreased $1.0 billion or 1.1 percent to $94.7 billion, due to electronic components.