Board of Governors of the Federal Reserve System

expectations for future activity strengthened. Plant managers reported...expectations of backlogs increased. Most factories reported little change

Expectations for future hiring also remained positive. On the other hand...expectations for future capital spending eased somewhat after improving

expectations for future exports increased notably during the month. Expectations...wait-and-see attitude on the part of businesses. On the deposit side,

expectations of stronger demand through the remainder of 2005. Retail ...expectations. Finally, several contacts expressed disappointment with

expectations," boosted by strong sales of wireless products and personal...expectations, and Latin American travel has boosted demand. Rail cargo

and, more recently, Asia. Inventories of cell phones are high, and some...expectations for the remainder of the year. Despite sluggish sales, most

expectations. Some retailers also noted that sales of housewares and home...expectations that total sales for this year will be slightly ahead of

expectations of further improvement in the coming months. Consumer sales...expectations for loan quality, and credit standards were generally unchanged

expectations of increased employment and capital spending over the coming...expectations of a smaller global wheat harvest. Livestock operations continued

expectations for loan demand, but note that consumer lending has held ...expectations for activity, they note that consumer lending has been stronger