With lockdown policies fully in effect across most of the country, the current conditions component fell by more than 15 points to 15.8 in April. The last time this reading had drifted so far below 50, the United States was in the midst of the 2007-2009 recession. No one reported unchanged conditions, and the vast majority of respondents unsurprisingly noted that conditions were worse. However, a handful of panelists indicated seeing better conditions in their sectors, with one describing business activity as “torrid.” Of course, most of the other comments conveyed deep concern in light of, in the words of one commenter, a “significant drop in orders.”  

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