After a momentary bump into expansionary territory in February, followed by a brief hold at “unchanged” last month, the current conditions component signaled cooling in April with a nearly 7-point retreat to 43.3. The share of participants reporting “unchanged” conditions declined precipitously this month, and although several respondents noted “better” conditions, many more indicated that conditions were “worse” in April. Comments displayed evidence of this dichotomy as one described “slowing demand across most… segments,” even as another declared “records and more records.” 

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