In February just over half (54%) of panel members reported “unchanged” conditions. That number increased to 67 percent in March. The increase of respondents reporting “unchanged” conditions led to a decrease in the current conditions component to 53.5 points in March, down from the previous month’s 57.7. The member comments were mixed but focused on stability. Members mentioned stable conditions and no significant changes. Some comments noted mega projects continuing and quotations still at record levels, with the caveat that incoming orders have slowed due to excessive inventory levels.

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