Tight gasoline supplies, on top of more basic problems, have cut noticeably into consumer spending, with pronounced effects on tourism and sales of large cars. To date, the Independent Truckers' strike and diesel fuel shortages appear to have caused only minor disruptions of manufacturing activity, but the agricultural impact has been more severe in some areas. Apart from the fuel-afflicted sectors, industrial activity seems to be holding steady or coming off slightly from an elevated pace. Capital spending, for both plant and equipment, is unquestionably the best thing going, but many districts foresee some easing of growth there as well. Inventories, both retail and manufacturing, are heavier but seem to be of concern to retailers only.
Job markets remain tight, for the most part.
Housing has continued to wane. Odd-even rationing, purchase restrictions, reduced gas station hours, and curtailed driving have alleviated the crunch and avoided long waiting lines. Philadelphia, however, reports increases at two major vacation spots and sees other factors contributing to the sharp fall in Jersey shore resort traffic. Some farmers have been harder hit. Movement of animals to slaughter has been curtailed, forcing temporary shutdowns of meat processing plants in five districts.