The Eleventh District economy expanded at a moderate pace. Activity in the manufacturing, housing, and nonfinancial services sectors improved. Loan volumes ticked up, and retail sales grew modestly. Abundant soil moisture boosted outlooks in the agricultural sector. Drilling activity declined. Employment expanded moderately, despite a tight labor market. Wage growth remained elevated, while price growth eased. Outlooks improved; however, some contacts reported weaker-than-expected output/revenue growth over the reporting period and mentioned factors such as tariffs, slower activity in the energy sector, increased uncertainty, weaker global economy, and labor constraints.
Read more...Eleventh District Beige Book March 2019 via Dallas Fed