The Dallas Fed's April manufacturing outlook survey indicated that the first quarter performance was in line with expectations, with all markets weakening except for the auto market. There are signs that inventories in the auto industry are rapidly increasing, so growth in the auto market is expected to weaken soon. There are no concerns about long-term demand, other than a significant macroeconomic slowdown. Excess inventories are expected and usually take three to six quarters to be depleted to meet end demand. Economic growth has slowed significantly and new orders have almost stopped.