In the farm economy, the winter wheat crop is in good shape, and the quality of wheat pasture is good to excellent. Labor markets remain tight in much of the district, with continued evidence of moderate wage pressures. Prices generally held steady at the retail level and for construction materials. Price changes were mixed for manufacturing materials, with some slight increases for some materials and declines for others. Retail Sales Retailers report sales edged up last month, and were moderately above year ago levels.
All respondents expect to continue growing sales over the next three months.
While most retailers thought current stocks were too large, they do not anticipate major changes in inventories in the coming months. Automobile dealers report mixed results last month, with sales overall moderately lower than a year ago. Sales of sport utility vehicles and light trucks remained strong, while sales of passenger cars were weak. Dealers have trimmed inventories slightly and are generally satisfied with current stock levels. Respondents expect to increase inventories to match seasonal stronger sales in the coming months.