Current Conditions Pulled Back in May as Forward-Looking Indicator Remained Positive

4 June 2026

Survey responses were collected from May 13-27, 2026.

The Current Conditions component registered 47.7 in May, a decline of 2.3 percentage points from April’s reading of 50.0. The prior month’s result suggested only a pause from March’s decline to 44.0, with no sustained recovery having taken hold as May’s reading marked a return to contraction.  Twenty-three percent of respondents reported “better” conditions, 27 percent reported “worse,” and 50 percent indicated conditions were unchanged. Compared to the prior month, the distribution of responses suggested softer momentum, with a smaller share reporting improvement and a larger share indicating steady conditions. Respondent comments indicated steady demand in some end markets, alongside ongoing concerns about rising costs and slower customer decision-making.