November EMS Data Shows Short-Term Pullback but Book-to-Bill Signals Underlying Stability

The Global Electronics Association announced today the November 2025 findings from its North American Electronics Manufacturing Services (EMS) Statistical Program. The book-to-bill ratio stands at 1.17.

Total North American EMS shipments in November 2025 were down 0.7% compared to the same month last year. Compared to the preceding month, November shipments were down 3.6%. November’s year-to-date (YTD) shipments decreased by 0.9% year-over-year (YOY).

EMS bookings in November decreased 4.1% year-over-year and decreased 9.7% from the previous month. November’s YTD bookings increased by 0.5% compared to the same period last year.
“November’s EMS results reflect a pause in momentum rather than a reversal in trend,” said Dr. Shawn DuBravac, Global Electronics Association’s chief economist. “Both shipments and bookings eased from October levels, suggesting a period of digestion following earlier demand improvement. Even so, the industry remains near balance, with the book-to-bill ratio still above parity and year-to-date bookings holding modestly positive.”

November data from the North American EMS industry points to a short-term cooling following October’s stabilization. Bookings weakened more sharply than shipments during the month, narrowing the gap between demand and output and tempering near-term growth expectations. The three-month moving average for bookings turned negative, signaling softer order flow as customers adjust inventories and reassess near-term demand.

Looking across the full year, however, the picture remains mixed rather than deteriorating. Shipments are down 0.9% year-to-date, while bookings are still up 0.5%, indicating that demand continues to slightly outpace output. This pattern suggests the industry is moving cautiously into year-end, balancing inventory normalization with early signs of underlying demand resilience.

Detailed Data Available
Companies that participate in the Global Electronics Association’s North American EMS Statistical Program have access to detailed findings on EMS sales growth by type of production and company size tier, order growth and backlogs by company size tier, vertical market growth, the EMS book-to-bill ratio, 3-month and 12-month sales outlooks, and other timely data.

Interpreting the Data
The book-to-bill ratios are 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 the Global Electronics Association’s survey sample. A ratio of more than 1.00 suggests that current demand is ahead of supply, which is a positive indicator for sales growth over the next three to 12 months. A ratio of less than 1.00 indicates the reverse.

Year-on-year and year-to-date growth rates provide the most meaningful view of industry growth. Month-to-month comparisons should be made with caution as they reflect seasonal effects and short-term volatility. Because bookings tend to be more volatile than shipments, changes in the book-to-bill ratios from month to month might not be significant unless a trend of more than three consecutive months is apparent. It is also important to consider changes in both bookings and shipments to understand what is driving changes in the book-to-bill ratio.

The Global Electronics Association’s monthly EMS industry statistics are based on data provided by a representative sample of assembly equipment manufacturers selling in the USA and Canada. The Association publishes the EMS book-to-bill ratio by the end of each month.