Inventories last month were practically unchanged. Retailers reported they are satisfied with current stocks and expect no major inventory changes in the near future. Automobile dealers reported marginal improvements due mainly to strong sales of light trucks. However, total sales were slightly lower than a year ago, leaving inventories unchanged. Most dealers are generally satisfied with current stock levels except for GM vehicles.
Inventories are likely to expand in the coming months as new models are released.
Manufacturing Tenth District manufacturing activity remained fairly strong last month with plants operating at high levels of capacity. Manufacturing materials were generally available, with only spotty evidence of marginal increases in lead times. Inventories last month were flat, and managers reported mixed feelings about their satisfaction with current stock levels. However, manufacturers plan to trim inventories somewhat in the near future. Housing Strong momentum continued in construction activity with builders reporting that housing starts remained relatively high last month, and well above year-ago levels.