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Considering the headline index is only a couple of points above the pandemic low, last month’s reading is only in the 16th percentile of all months on record going back to the start of the report in 1986.
Plans to increase employment have pulled back significantly from pandemic highs and are back within the range of readings from the few years prior to the pandemic.
As employment metrics remain elevated but show signs of rolling over, readings on expectations for general conditions and sales remain weaker.