For the second time in three months, the current conditions component of the EBCI has dropped below 50, giving up more than 13 points from last month to a reading of 36.7 in November. This marks the lowest point in the series since August 2012. Although the share of respondents that reported worse conditions increased to 33 percent, a solid majority – 60 percent – noted unchanged conditions. The mix of responses is perhaps more telling than the headline number, likely signaling that the extent to which conditions are improving compared to the prior period may have peaked.

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