For the first time since February 2023, the current conditions component broke into expansionary territory as October’s reading hit 52.8 points. The proportion of respondents reporting “better” conditions actually declined in October, compared to the previous month, but panel members indicating “unchanged” conditions leapt to a 72 percent share. Comments revealed solid growth in sectors bolstered by the electrification movement, as well as in construction related to data centers, power, and industrial. However, some commenters shared concerns about unstable geopolitics and deteriorating financial conditions, with one reporting a slowdown in orders.

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