Merchants' sales in May were stronger than a year ago, and inventory accumulations are on plan. Single-family residential sales and construction are also above last year's figures. Commercial real estate markets remain healthy. Contacts in the manufacturing sector report mixed activity, with some industries registering renewed strength while others continue to decline. Tourism officials are optimistic about summer prospects.
Bankers report moderate loan demand growth.
Most contacts report stable prices. However, April sales were boosted by a late Easter holiday this year. Despite the weakening, most retailers reported that May sales exceeded last year's levels. Most contacts reported that recent sales had gone as planned, but a significant minority noted their disappointment. Inventories are generally on target.