The National Electrical Manufacturers Association’s (NEMA) current and future confidence indexes both inched backward in May, signifying a potential return to the status quo, though currently both indexes remain in the “expansionary range.”

The Electroindustry Business Conditions Indexes (EBCI) measure electrical-equipment-manufacturer confidence in both current conditions and future conditions, and are the result of a monthly survey of senior managers at NEMA member companies. May marked the third consecutive month that both the current and future indexes were identical, coming in at 70.6.

This also marks the second consecutive month of mild regression toward the status quo. After both indexes reached as high as 76.5 in March, the subsequent months have seen the indexes inch down to 73.5 and 70.6 in April and May, respectively. However, since any number above 50 signifies expansion, NEMA still sees these numbers as positive.

Certain findings within the May survey are interesting to note. The percentage of respondents who reported better conditions dropped to 47 percent from 53 percent in April. Those reporting unchanged conditions rose to 47 percent, as well. The remaining 6 percent reported worse conditions.

The most dramatic drop can be found in those who expect improved conditions in the next six months. While a majority of 53 percent still anticipate these improvements, that’s a considerable decline from the 65 percent who reported optimism in April. However, most of these respondents simply expect conditions to remain unchanged. That group rose to 35 percent from 18 percent in April. Those expecting worse conditions actually dropped to 12 percent from 18 percent.

“Comments regarding expectations for the business environment tend to be upbeat, but political uncertainty remains a concern,” according to the NEMA report.

The EBCI indexes have remained in expansionary territory since September 2016, and the results have been largely positive since then. However, while there is plenty of optimism, it seems many electrical equipment manufacturers are content to wait and see how the market shifts.