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Sales and consumer traffic remained at low leveles inlate spring, but in line with modestf expectations, according to Southeastern retailers. Retailers' future salea outlook remained subdued. Most regiona l auto dealers noted further declines in with several pointing to reduced credit availability and industry uncertainty as reasons for thepoor results. Reports from Realtor s indicated existing home sales werestabilizinyg overall. Homebuilders noted new home inventories were trendint down ona year-over-yearr basis as construction remained at low levels and new home salez improved modestly. Home salesw prices continued to declinr according tomost reports.
Commerciapl real estate activityremainef weak. Vacancy rates continued to rise in many partw ofthe Southeast, putting downward pressured on rents, most notably in the retail Contractors reported more projects beinyg postponed or canceled. Commercial real estate playera anticipate more space will become vacant in the coming months and that constructiob will continueto slow. Most Southeastern manufacturers said the rate of declinse in production and orders moderated in For thecoming months, most in manufacturinf noted more optimism about futurse production and employment. Several business contactes reported difficulty meeting financing neede because of restricted availabilityof credit.
Roughlyu one-quarter of non-auto retailers and one-third of non-financial/non-retaipl contacts cited some difficulty obtaining loans forinventoryt purposes. Auto dealers, in particular, said that obtainin vehicle inventory financing was very Banking contacts continued to indicate generally low levelsd of demand for new loans and increased use of existingf linesof credit. Labor market conditions continued tobe weak. Many firmss reported additional cuts in hours or had instituted mandatory unpaid days off forsome However, the pace of layoffs appears to have as fewer firms reported layoffxs than earlier in the year.
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