Moderate expansion continued in the Eleventh District economy. Output growth in manufacturing strengthened, and expansion in the service sector was strong in July but eased in August. Home sales rose, and loan volumes expanded albeit at a slower pace. Retail sales were flat and drilling activity continued to decline. Agricultural conditions deteriorated due to hot and dry weather. Employment growth was solid and wage pressures remained elevated. Selling prices rose modestly, as firms’ ability to pass through cost increases remained limited. Outlooks improved slightly in manufacturing but softened in the service, energy, and agricultural sectors, with uncertainty surrounding trade policy, tariffs, stock market volatility, and slowing global growth weighing on business sentiment.
Read more...Eleventh District Beige Book September 2019 via Dallas Fed