Buoyed by an uptick in the share of respondents who noted better conditions and a drop to zero reports of worse conditions in November, the current component reversed course from last month and hit its highest reading since June of this year. The gauge’s movement to well into expansion territory came in spite of commentary perhaps best labeled as cautious. The “broken record,” as framed by one commenter, of supply chain and hiring woes continued as the focus of discussion among respondents. Another comment described the “discombobulated and complicated market environment” presenting a mix of peril and opportunity.

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