Manufacturing Manufacturers continued to operate at moderately high levels of capacity last month. Manufacturing materials were generally available, with lead times holding steady. Manufacturers have been trimming their inventories, and some say they plan further reductions because stocks exceed desired levels. A quarterly survey of district manufacturers indicated that production, shipments, and new orders all increased modestly from December to January. Housing Builders report housing starts generally held steady last month and were unchanged from a year ago.
Builders expect construction activity to improve somewhat in the coming months.
Sales of new homes increased last month. Most building materials were readily available and delivery times were normal. Mortgage lenders say demand last month was unchanged. Banking Bankers report that loans decreased and deposits increased last month, reducing loan-deposit ratios somewhat. Commercial and industrial loans, home mortgage loans, and residential construction loans declined, while agricultural loans edged up.