Economic activity in the Eleventh District expanded modestly over the past six weeks. Manufacturing activity rose, and demand for nonfinancial services increased. Retail sales fell, and automobile sales softened. Real estate activity continued to expand in most markets. Loan demand was stable, and the energy sector saw slight improvement. Agricultural producers faced mixed conditions, as low commodity prices pressured farm revenues, despite higher crop yields and good pasture conditions. Upward price pressures remained limited. Employment increased and wage pressures were more widespread. Outlooks were mostly positive but cautious.
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