Confidence has become rather wobbly of late as the current conditions component fell below 50 for the second time this year and hit its lowest level since right after the end of the recession. An 11-point shift from last month left May’s current conditions reading at 42.9 as now more than one-third of respondents reported “worse” conditions during this survey period. Lockdowns in China and other ongoing supply chain problems have bedeviled electrical manufacturers. Now added to that mix, one commenter noted the deleterious effects soaring energy costs and U.S. tariffs are having on business conditions. Not all was negative, however, as some panel members noted their companies experienced better than expected orders activity.

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