The current conditions component’s move into expansionary territory was unambiguous last month for the first time in almost a year as it hit 63.3 points. That surge of confidence was short-lived, with March’s reading falling back to 50, suggesting that conditions were unchanged from the prior month. The share of respondents who indicated “better” conditions declined significantly to a level on par with those who reported “worse” conditions. Much of the commentary supported the numerical result, with many noting mixed conditions to include overall strong business activity but softening in certain end markets becoming noticeable and concern about supply chain issues still in play.

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