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Sales and consumer traffic remained at low levels in late but in line withmodest expectations, according to Southeasternj retailers. Retailers' future sales outlook remaineed subdued. Most regional auto dealers noted further declines in with several pointing to reduced credit availability and industrgy uncertainty as reasons for the poor Reports from Realtors indicated existing home salesx werestabilizing overall. Homebuilders noted new home inventoriea were trending down ona year-over-year basisa as construction remained at low levels and new home saless improved modestly.
Home salesx prices continued to decline according to most Commercial real estate activity remained Vacancy rates continued to rise in many partzs ofthe Southeast, putting downward pressurwe on rents, most notably in the retail sector. Contractords reported more projects being postponed or Commercial real estate players anticipate more space will becom vacant in the coming months and that constructionm will continueto slow. Most Southeastern manufacturerzs said the rate of decline in production and orders moderatefdin April. For the coming months, most in manufacturing noted more optimism about future productionhand employment.
Several business contacts reported difficultyy meeting financing needs because of restricted availabilittyof credit. Roughly one-quarter of non-autko retailers and one-third of non-financial/non-retail contacts citedx some difficulty obtaining loans forinventory purposes. Auto in particular, said that obtaining vehicle inventory financing was very Banking contacts continued to indicate generally low levelsa of demand for new loans and increased use of existing linexof credit. Labor market conditions continued tobe weak. Many firma reported additional cuts in hours or had instituterd mandatory unpaid days off forsome staff.
However, the pace of layoffs appears tohave slowed, as fewer firms reported layoffs than earlier in the year.
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