BANNOCKBURN, IL — Total North American PCB orders fell 24.4% in January compared to the same month in 2017 and were down 10.7% sequentially, says IPC.

Shipments were down 21.4% year-over-year. Sequentially, January shipments decreased 12.3%.

The book-to-bill ratio strengthened to 1.06. A ratio of more than one suggests current demand is ahead of supply, which is a positive indicator for sales growth over the next three to twelve months.

“While PCB sales and orders typically fall in January compared to the preceding month, the unusually sharp year-over-year decreases in January’s sales and orders probably reflect a market correction,” said Sharon Starr, IPC’s director of market research. “The growth cycle that began in mid-2017 peaked in late 2017 and early 2018. Growth has been slowing since the middle of 2018. Current year-over-year growth rates reflect a comparison with peak levels of sales and orders a year ago. The steady decline in the book-to-bill ratio from a 12-year high in January and February of 2018 down to 1.01 in November indicated slowing growth, but the ratio rebounded and remains positive because orders continue to outpace sales. This indicates positive sales growth is likely to resume by mid-2019.”