The current conditions component slid nearly 13 points to 57.1 in July from 70 the month before, leaving it still in positive territory but with the lowest reading since last October. At 57 percent, the majority of respondents considered July's conditions unchanged from the previous month’s, but a noticeable uptick in the share of responses noting worse conditions helped claw the current component back from its recent loftier readings. Comments were relatively negative in tone with all of them touching in one form or another on lingering supply chain woes. Concern about the potential of an unwelcome change in the pandemic’s trajectory also found its way back into the comments.

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