The majority of contacts have implemented layoffs or are considering layoffs in the near future. Firms that are hiring generally say that the number of available applicants has increased and their compensation expectations have become more reasonable, although some engineering and information technology positions remain challenging to fill. Selling prices are said to be mostly flat or down. Large customers in the retail, automotive, and aircraft industries are pushing for price reductions. The residential real estate market in New England is doing well.
All contacts report moderate or high levels of activity, but complain about inventory shortages.
If more properties were on the market, sales would be higher, as there is excess demand in many parts of the region. In Massachusetts, the pace of shrinkage in inventory has abated. Most contacts report moderate price increases. Contacts hope to see an increase in supply and anticipate an active market in the next few months. Insurance Most contacts in the insurance industry report modest growth in sales in the first quarter of 2001, but some mention a loss of revenue as many people are pulling out of equity products.