Dallas San Francisco Full report Business activity in the Third District improved marginally in November. Manufacturers posted a slight gain in shipments although orders were only steady. However, auto sales slipped in November compared with the previous month and a year ago. Total bank lending has increased, largely due to growth in consumer lending. The outlook among the business firms contacted for this report is positive but muted.
Manufacturers expect a slight pickup in orders during the next six months.
Retailers expect smaller gains in holiday sales this year than last year. Auto dealers anticipate a slight rebound in sales after the holiday period. Bankers forecast slow growth in lending in the new year. Manufacturing Area manufacturers reported generally steady activity in November. Shipments were edging up, but new orders were flat, as were order backlogs and inventories.