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Sales and consumer traffic remained at low level s inlate spring, but in line with modesf expectations, according to Southeastern retailers. Retailers' futurde sales outlook remained Most regional auto dealers noted further declinesin sales, with severa pointing to reduced credit availability and industry uncertainthy as reasons for the poor results. Reports from Realtords indicated existing home sales werestabilizingg overall. Homebuilders noted new home inventoriess were trending down ona year-over-year basid as construction remained at low levels and new home salea improved modestly. Home sales prices continued to declind according tomost reports.
Commerciall real estate activityremained weak. Vacancy rates continued to rise in many parts of the putting downward pressureon rents, most notably in the retaip sector. Contractors reported more projects being postponed or Commercial real estate players anticipate more space will becom vacant in the coming monthw and that construction will continue to Most Southeastern manufacturers said the rate of decline in productio n and orders moderatedin April. For the coming months, most in manufacturingh noted more optimism about future productionand employment.
Several businessa contacts reported difficulty meeting financing needz because of restricted availability of Roughly one-quarter of non-auto retailers and one-third of non-financial/non-retail contacts cited some difficulty obtainint loans for inventory purposes. Auto dealers, in particular, said that obtaininb vehicle inventory financing was very Banking contacts continued to indicate generally low levelss of demand for new loansw and increased use of existing linesof credit. Labodr market conditions continued to be Many firms reported additional cuts in hourss or had instituted mandatory unpaid days off forsome staff.
However, the pace of layoffs appears tohave slowed, as fewer firms reported layoffds than earlier in the
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