The current conditions component crept up to growth territory this month, bouncing back from August’s 41.2 to reach an index value of 50 in September. Although a preponderance of panel members still reported unchanged conditions, the share of responses indicating better conditions edged up several percentage points. With only brief exceptions, this measure has remained largely range-bound in the low 50s to upper 40s since mid-2018. Commenters noted weakness in both long-term and short cycle spending alongside reports of steady to strong growth.   

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