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The National Electrical Manufacturers Association's (NEMA) Electroindustry Business Confidence Index (EBCI) for current North American conditions tumbled in October, dropping 17.5 points to 20, its lowest level since November 2001. October's decline represented a breakout to the downside from the low 30- to high 40-point range seen over most of the last year and a half and signaled further weakening in the business environment facing electrical equipment manufacturers.

The EBCI for future North American conditions posted a large drop for a second straight month, down 11.7 points to 17.5, its lowest in more than two years. As recently as August, the future conditions index had measured as high as 40.7.

The Electroindustry Business Confidence Index gauges the business confidence of the electroindustry in Asia, Europe, North America, and Latin America, and is based on the results of a monthly survey of senior managers at NEMA member companies. Those companies represent more than 80 percent of the electroindustry.