The National Electrical Manufacturers Association (NEMA) Primary Industrial Controls Index increased 5.9% on a quarter-to-quarter basis during the first three months of 2011. The index has registered sequential gains in six of the last seven quarters and stands 18% above its year-ago level and 40% above the cyclical trough observed in mid-2009.
Nonetheless, inflation- and seasonally-adjusted shipments remain 9% below their previous cyclical peak. The Primary Industrial Controls and Adjustable Speed Drives Index, a broader measure of industrial controls demand, posted its seventh consecutive gain during the first quarter of 2011, rising 6.2% from its 2010Q4 level. On a year-over-year basis the index climbed at an 18.6% rate.
The manufacturing sector continued its impressive run during the first quarter of 2011, climbing 9.1% on an annualized basis — the largest percentage rate of growth since the recession. However, readings from major business surveys, including the bellwether ISM, suggest a looming deceleration from the torrid pace set at the beginning of the year. Indeed, annualized manufacturing output growth is likely to slip below 5% as 2011 progresses.
Learn more about the NEMA Primary Industrial Controls Index.