1991 Economic activity remained soft in much of the nation but there were some indications that the decline may be slowing. The pattern of retail sales varied among districts with the majority reporting either sluggishness or results below planned levels.
Retail inventories appear to be at satisfactory levels, except for some excess auto stocks.
Manufacturing was sluggish in most of the country though several districts noted either a slight improvement or an easing of the downward trend. While construction activity continued weak, realtors and homebuilders reported an increase in buyer interest and, in some areas, purchases in recent weeks. The pickup was attributed to lower mortgage interest rates and more attractive home prices. Loan demand remained soft although mortgage refinancings have increased. Farm income prospects and mining output were mixed.