The Eleventh District economy continued to expand modestly buoyed by gains in the service sector and single-family housing. Manufacturing output and retail sales fell. Credit conditions tightened further, and loan demand continued to decline. Drilling activity dipped due to lower oil and gas prices, while recent rains boosted district agricultural conditions. Local nonprofits continued to cite higher demand for assistance. Employment rose moderately, and wage growth remained high. Input cost and selling price pressures were elevated in the service sector but largely subsided in manufacturing. Perceptions of business conditions continued to worsen as uncertainty rose, and contacts noted that diminishing demand, higher labor costs, the rising cost of credit, and inflation were weighing on outlooks.
Read more...Eleventh District Beige Book July 2023 via Dallas Fed
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