The current conditions component edged lower for the third consecutive month in May, moving from a reading of 52.8 in April to 50.0 this month. The share of panelists who reported unchanged conditions dropped sharply, and although the proportion of respondents that indicated better conditions increased over last month, the percentage that noted worse conditions increased by an even greater amount. For better or for worse, tariffs served as the focus for most comments, but one remark simply pointed out that this has been the “best start to the year” in some time. 

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