The Eleventh District economy expanded at a modest pace, but activity in most industries remained below normal levels. Recovery in the manufacturing, retail, and services sectors slowed. The housing market continued to outperform expectations, but office leasing remained weak. Overall loan volume fell, though residential real estate lending continued to be robust. Energy activity remained depressed but showed some signs of improvement. Employment rose modestly, and several firms said weak demand and uncertainty about the course of the pandemic and/or related regulations were a drag on hiring. Input costs rose moderately, while selling prices were flat to up slightly. Outlooks were generally positive but uncertain, with political uncertainty and the trajectory of the pandemic weighing heavily on growth expectations for 2021.
Read more...Eleventh District Beige Book 12/2/20 via Dallas Fed