Modest growth continued in the Eleventh District economy. Expansion in manufacturing eased slightly while service sector growth ticked up. Retail sales and home sales fell further. Rising interest rates dampened loan demand, with loan volumes declining for the second consecutive reporting period. Activity in the energy sector continued to expand, though growth remained constrained by equipment and labor shortages. Local nonprofits cited higher demand for assistance amid rising household costs. Widespread rains improved drought conditions. While employment expanded at a solid rate and wage growth was generally high, there were reports of a slowdown in hiring and layoffs. Price pressures remained elevated but eased notably in retail. Outlooks were mostly pessimistic except for the energy sector, and uncertainty increased, with contacts voicing concern about inflationary pressures, weakening demand, and labor challenges.
Read more...Eleventh District Beige Book November 2022 via Dallas Fed
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