The place was really dead while I was there. I do believe we are seeing a shift from panic-stricken hoarders to the effects of widespread unemployment. There's a lot of people out there with no disposable income to spend on guns. There seem to be some ammo hoarders left who continue to keep prices high for the rest of us, and the residual effects in the form of merchants with inventory bought dearly and now not moving.
Powder is running 19-22$/lb, up from 17-18 last year.
Bullets in 500 qty are running $.07/ea, which is pretty much back to normal.
Primers are up at $37/1000, way up from $17/K last year, but primers are something we don't go through that fast, so sopping up the high-priced inventory may take a while.
For the .38 spl +P that I use, the economics are like this:
Bullet = 1 req, cost $.07
Powder = 4.3gr -> 1628 bullets/lb -> $.012/rd
Primers = 1 req @ $.037/ea at current rates.
Ammo = $0.119/rd => relatively cheap entertainment.