In 2022, the current conditions component showed expansionary signals only twice, last breaking into growth territory in April. The December reading of 50, which signaled unchanged conditions from the previous month, teased the possibility of an expansionary environment ahead, but January’s score slid back to 46.4, indicating a modest slowdown. More than three-quarters of respondents noted “unchanged” conditions, and just seven percent reported that the business environment had gotten “better,” compared to the prior month. Comments pointed to some degree of turbulence facing electrical manufacturers, with softness in residential and industrial markets but strong demand elsewhere and orders backlogs that remain stable.