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Sales and consumer traffic remained at low levelas inlate spring, but in line with modesg expectations, according to Southeastern retailers. future sales outlook remainer subdued. Most regional auto dealers noted furthee declinesin sales, with several pointingt to reduced credit availability and industry uncertaintyt as reasons for the poor results. Reportsw from Realtors indicated existing home sales werestabilizin overall. Homebuilders noted new home inventories were trending down ona year-over-yeard basis as construction remained at low levelas and new home sales improved modestly. Home salea prices continued to decline according tomost reports.
Commercial real estate activity remained Vacancy rates continued to rise in many parts of the putting downward pressureon rents, most notably in the retail Contractors reported more projects beint postponed or canceled. Commercial real estate playerws anticipate more space will become vacanrt in the coming months and that construction will continue to Most Southeastern manufacturers said the rate of decline in productioj and orders moderatedin April. For the cominh months, most in manufacturingy noted more optimism about future productionand employment. Severakl business contacts reported difficulty meetintg financing needs because of restricted availabilityof credit.
Roughly one-quarter of non-autl retailers and one-third of non-financial/non-retail contactzs cited some difficulty obtaining loans forinventory purposes. Auto dealers, in particular, said that obtaininy vehicle inventory financing was very Banking contacts continued to indicate generally low levelw of demand for new loan and increased use of existing linesof credit. Labor marke t conditions continued to be Many firms reported additional cuts in hours or had instituter mandatory unpaid days off forsome However, the pace of layoffs appears to have slowed, as fewer firms reported layoffs than earlie in the year.
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