In 2018 Q4, ANCi dropped, landing slightly below the index reading from 2018 Q2. The index was 56.9, down 2.4 points from last quarter but still up 2.6 points from a year ago. The index remains well above the 50 level, an important level signifying the boundary between optimism and pessimism. The more stable six-month moving average of the index dropped slightly to 58.1, just under the reading from 2015 Q1.