Manufacturing Manufacturers continued to operate at moderately high levels of capacity last month. Manufacturing materials were generally available, with lead times unchanged. Manufacturers have been trimming their inventories slightly, and some say they plan further reductions in the coming months. A quarterly survey of district manufacturers indicated that production, shipments, and new orders all increased modestly in July, at a pace slightly slower than earlier in the year. Housing Builders report housing starts held steady last month and were generally unchanged from a year ago.
Builders expect construction activity to remain stable over the next several months.
Sales of new homes were down slightly from the previous month and unchanged from a year ago. Most building materials were readily available and delivery times were normal. Mortgage lenders say demand edged up last month. Banking Bankers report that loans edged up and deposits fell last month, boosting loan-deposit ratios slightly. Home equity loans and residential construction loans both increased, while other loan categories were flat.