Glad to have that confirmed, because I suspected so- for the 3(?) levels, you'd expect 1x10th, 2x9th, 3x8th, 3x7th, 2x6th, 1x5th level items. We ended up with a fair bit less.
Not to mention the bizarre selection- no magical longswords or plate armour in thunderspire, when these are probably the single most universal items. For my group this was exacerbated by (perhaps the DM's take) it being almost impossible to buy items, with no gap between the two adventures- I fought in non-magical armour until 6th level!
Yeah the published adventures are a bit light on stuff, but any DM worth his salt will alter the items given out in a published adventure to match his party.
Thunderspire has a magic shop built into the seven pillared hall, but if your DM doesn't like magic shops then he should compensate. The mechanics of the game work under the assumption that over a period of 6 levels or so each character should updgrade his armour, neck and weapon items.