St. Louis
Economic conditions have remained unchanged since our previous report. Labor markets remained tight, but reports of easing increased. Firms struggled to pass on price increase to customers, and contacts across a range of industries reported supply chain improvements. Banking contacts reported slowing loan growth and a decline in deposits, but expressed confidence in their overall position.
Minneapolis
Economic activity in the region grew slightly in recent weeks. Employment gains were modest, and labor supply improved slightly. Prices were steady and wages rose slightly; levels for both remained high. Consumer spending was flat. Manufacturing declined a bit, but the outlook was more positive. Construction activity improved slightly, save for residential building. Minority-and women-owned firms reported steady activity.
Kansas City
Total economic activity across the Tenth District declined slightly in March and April. However, almost every business contact reported no pull back in planned capital expenditures, hiring plans or planned wage increases in response to recent financial volatility. Worker retention was reportedly much higher, even as wage growth slowed. Households pulled back on spending, particularly on bigger ticket items like cars or home construction projects.
Dallas
Modest growth continued, with steady gains in service sector activity and a pickup in home sales and manufacturing output. Job growth was modest, though hiring slowed sharply in services. The pace of price increases slowed. Outlooks were largely negative, and contacts voiced concern about weakening demand, a potential recession, and the spillover effects of the recent bank failures on the broader economy.
San Francisco
Economic activity expanded slightly. Employment levels were steady amid tight labor market conditions, while wage and price growth moderated further. Demand for retail goods softened, while demand for services was robust. Manufacturing activity was stable, while conditions in the agriculture sector slowed somewhat. Residential and commercial real estate activity fell, and lending activity declined substantially.
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