Moreover, it was reported that sales worsened as the quarter progressed. Finally, results for each dealer varied widely depending upon incentives offered by manufacturers. A current concern for area dealers is the bloated state of their inventories. Weak sales are anticipated to continue for the next couple of months. The slowdown in retail spending has not translated into an easing in the labor market.
Firms continue to struggle to find and keep qualified employees.
Demand for temporary workers remained unchanged from the tight levels reported November and October. While benefits growth appears to be concentrated mostly in pensions, health care remains an area of concern. Banking and Finance Commercial loan activity slowed in December as manufacturing firms received fewer orders and delayed investment because of slower anticipated economic activity and lower interest rates. Demand for consumer loans also declined, but less than commercial loans. Credit standards and delinquency rates have not changed significantly, but banks are watching their customers' ability to make payments more closely.