Employment continued to grow in the region, and firms in nearly all industries have reported difficulty in meeting their needs for workers. Staffing of stores for the Christmas shopping period was described as especially problematic. Looking ahead, business contacts in the District have mixed views, although some step-up in activity is expected overall. Manufacturers forecast increases in shipments and orders. Retailers expect sales for the holiday shopping period to exceed last year's level, and auto dealers anticipate an upturn in car and truck sales after the turn of the year.
Bankers expect lending to strengthen next year as well.
Construction activity may slip further, according to builders, especially for commercial office buildings, but public construction is expected to remain strong. Manufacturing Manufacturing activity in the Third District continued on an upward trend in November. On balance, industrial firms reported increases in shipments and orders during the month. Gains were common among nearly all the major goods-producing sectors in the region. Producers of construction materials indicated that spending for transportation infrastructure throughout the nation was prompting demand for their products, but some equipment makers reported drops in sales as a result of declining activity in the aerospace industry.