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.
The majority of retailers expect that second quarter sales will slightly exceed last year's level. Construction Reports from real estate contacts indicate that home sales in May were above last year's levels in most areas of the District. Most District builders continue to report that new home sales and construction are ahead of last year, if only slightly. Commercial real estate markets remain healthy throughout much of the region. The industrial market remains stable in most areas.