As one commenter noted, with “no real explanation” readily available for the better than expected business conditions reported by the EBCI panel, the current conditions component leapt by more than 18 points from last month’s level to move back into expansion territory at 52.8 points in July. Although trade policy continued to weigh on business confidence, and weakness in the industrial sector was noted as well, a preponderance of panelists reported better conditions this month, and the share of those indicating worse conditions dropped sharply.  

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