The forecast for U.S. economic growth, initially expected to be 0.5 percent at the beginning of 2023, is now expected to grow by 2 percent. While the U.S. economy has surpassed expectations, the Federal Reserve has raised rates significantly over the last year, signaling tremendous headwinds as those rates take effect. In Europe, growth in the Eurozone expanded by 0.3 percent compared to the previous quarter, marking the most substantial growth since the second quarter of 2022, according to IPC’s August 2023 Economic Outlook report.

Though cost pressures continue to impact the electronics industry, product demand and inventories remain positive, leading to a healthy supply chain per IPC’s August 2023 Global Sentiment of the Electronics Supply Chain Report.

IPC announced today the July 2023 findings from its North American Electronics Manufacturing Services (EMS) Statistical Program. The book-to-bill ratio stands at 1.27.

IPC announced today the July 2023 findings from its North American Printed Circuit Board (PCB) Statistical Program. The book-to-bill ratio stands at 1.01.

Despite numerous risks – higher interest rates, tight monetary policy, persistent core inflation -- the U.S. economy continues to surpass expectations this year. The narrative is a bit cloudier in Europe. While inflation remains high, the underlying economy appears weaker which will cause the European Central Bank to move more cautiously, per IPC’s July 2023 Economic Outlook report.