BANNOCKBURN, IL — The 90-day moving average among North American printed circuit board fabricators fell 3.1% from a year ago,

IPC announced today. Shipments were down 2.3% from February, but for the year shipments are up 8.7% year-over-year.

The book-to-bill ratio fell 90 basis points to 1.24. It remained well above the benchmark 1.0 mark, suggesting future growth.

The ratio is calculated by dividing the value of orders booked over the past three months by the value of sales billed during the same period from companies in IPC’s survey sample.

Bookings were down 0.3% compared to last year and down 31.8% month-over-month. For the year, bookings are up 19.3%.

“March marked the closest alignment between bookings and shipments that we’ve seen since October 2024—a signal that supply chains may be stabilizing, even as demand remains firm,” said Shawn DuBravac, IPC’s chief economist.