Retailers cited continuing high income in the region as a source of strength for consumer spending. But with few new products to stimulate expanded shopping, most retailers expect sales for the fall season to increase only a few percentage points from last year's results. Auto dealers also expect slow growth in sales. Auto dealers reported a slight dip in sales in October compared with September. Compared with October of last year, however, sales were up slightly.
Dealers expect further slowing in the growth rate of sales, especially of sport-utility vehicles.
The market for these vehicles is reaching a maximum, according to dealers. Finance Total loan volume outstanding at Third District banks has edged down in recent weeks. Although banks generally posted slight gains in business lending, consumer and mortgage lending eased. Bankers indicated that credit card loan volume had fallen slightly, although other forms of personal loans have remained level. Real estate loan volume has declined.