Having a site that saw a 30% drop in traffic from May 20th I have been looking closer at the Search Queries in WMT.
Looking at the top of the list for May 20-28 (those queries resulting in the most clicks), admittedly the figures show an overal slight drop in position. But the CTR for these queries if anything has risen.
The significant drop in number of clicks comes from a significant drop in impressions.
Does this simply mean that less people are searching?
With the queries I am talking about, I am still shown as being in the top 10 even if I have dropped a little, so it is not due to me now appearing on the second page.
My site is travel related and yes it was a holiday weekend but I have not seen these drops in traffic this time of year before so ofcourse assumed this to due to the update.