Robust expansion continued in the Eleventh District economy, with gains broad based across sectors. Growth in the manufacturing, nonfinancial services, and retail sectors stayed strong, and growth in financial services picked up. Home sales remained elevated, though construction capacity continued to be highly constrained. Solid apartment leasing continued. The energy sector saw further expansion, while drought dampened agricultural conditions. Employment rose robustly, and wage growth remained highly elevated due to widespread labor shortages. Supply-chain bottlenecks continued to drive up costs, and prices rose at a rapid clip. Outlooks improved overall, though uncertainty increased amid a new surge in COVID-19 cases and concern that labor market tightness and supply-chain disruptions will persist well into 2022.
Read more...Eleventh District Beige Book 1/12/22 via Dallas Fed
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