Retailers said sales for Thanksgiving weekend were good. Auto dealers saw a slight improvement in sales in November compared to October. Bankers reported generally steady loan volumes, although several noted slight increases in residential mortgage lending for new-home purchases. Real estate markets were strong, with continuing demand for offices and industrial buildings and a good pace of home sales. The consensus outlook is for further modest growth in 1999.
Manufacturers predict a slight rebound in demand for their products.
Retailers foresee continued growth near the current pace. Bankers expect general business activity in the region to continue to move upward, albeit at a somewhat slower rate. Real estate contacts see no signs of a near-term slowing in home sales or commercial leasing and acquisition. Manufacturing Manufacturing activity in the Third District slipped in November. Industrial companies in most of the region's major goods-producing sectors reported a slower rate of shipments and orders in November than in October.