The Eleventh District economy expanded at a moderate pace over the past six weeks. Manufacturing activity increased overall and retail sales edged up. Services firms reported mixed demand. The housing sector remained strong, with rising construction and sales. Office and industrial leasing activity picked up. Financial institutions said loan demand was flat to up modestly. Energy activity remained at high levels, and the severity of drought conditions eased somewhat. Prices held steady or rose at most responding firms. Employment levels were flat or slightly increased, and wage pressures picked up.
Prices
Contacts said prices were stable or up over the reporting period. Manufacturers reported flat prices with the exception of increases in cement, brick, and paper. Contacts noted no change in retail or automobile prices since the last report. Accounting and legal firms noted modest increases in billing rates, and shipping rates increased in light of higher fuel costs. Airlines reported mostly flat ticket prices but higher fees. Home prices rose notably, and several real estate contacts noted strong growth in office and apartment rents. There were some reports of increased input costs, particularly for steel, rubber, beef, and dairy products.
Read more...Dallas Beige Book - Dallas Fed
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