The latest business jet index from UBS Global Research dropped two points, to 51, but is nonetheless the third consecutive month it has been above the 50 mark, which denotes a strengthening market. By cabin size, the light-jet index leads at 56, followed by midsize jets at 50 and and large-cabin jets at 47. All three of those indexes eroded slightly from the previous month.

According to UBS aerospace analysts David Strauss and Darryl Genovesi, the drop in the index is driven by lower willingness of dealers to increase inventory, less optimism about the 12-month outlook, higher pre-owned business jet inventory levels and weaker customer interest, partially offset by better pre-owned pricing. “While lower, our customer interest score (77) remains near its high since the financial crisis,” they said. Customer interest remains strongest in North America at 79, followed by Europe at 57 and Asia at 54.

Of survey respondents, 59 percent now expect the outcome of the U.S. Presidential election to ultimately be positive for the business jet market—down from 65 percent in February. Meanwhile, 11 percent don't see a positive impact and 30 percent are unsure. Regarding actual pre-owned transactions, half said they have seen an increase since the election, similar to UBS’s prior survey, versus 8 percent that have seen lower volumes, up from 5 percent in the previous survey.