Among
Districts, seven reported a slower pace of economic activity while the
remainder generally pointed to modest expansion or mixed conditions….Demand remained weak or fell further for machinery and manufactured materials
related to home construction, such as lumber and concrete….Chicago
reported that steel production increased,
in part because of reduced import competition of late, but Cleveland
characterized steel shipping volumes as ‘flat’ in that District….The pace of homebuilding remained very low in general, and builders continued
to shelve projects and lay off workers in many areas; contacts generally do not
expect a significant pickup in homebuilding until well into next year at the
earliest.
Among scattered positive signs, however, co-op and condo
sales in New York City picked up during the survey period, Richmond reported
favorable readings on home sales in a few areas, and Kansas City reported that
home inventories fell a bit in the Denver metro area….Demand for commercial, industrial, and retail space generally
remained at high levels and expanded further in some areas, although signs of
leveling off were evident in several Districts.