A quick review of our automotivespending chart shows spending about onpar with the month before. As we noted lastmonth, the Federal Reserve had reported asubstantial decline in automotivemanufacturing output. In the most recentmonth, the Federal Reserve reported asmall amount of growth. However, thenumber we chart is wholesale spending sothe net decline in output over the last towmonths along with flat wholesale spendingsuggests an inventory reduction at themanufacturer level.
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