The state of the US economy from the perspective of regional Fed districts
- Number districts and strong dollar was restrained manufacturing
- Dollar was also restraining tourism
- Consumer spending grew moderately
- Vehicle sales grew more strongly than non auto sales
- Wage gains mostly subdued.
- Reports of increase wage pressure largely among highly skilled workers.
- Prices remained fairly stable.
- Philadelphia district noted relatively more growth in part-time and temporary work compared with full-time positions.
- Pace of growth slowed in Richmond Chicago since last report.
- New York Philadelphia, Cleveland, Atlanta, Chicago, St. Louis see modest growth
- Minneapolis Dallas in San Francisco fed districts moderate
- Labor markets tightened and most districts.
- Consumer spending grew moderately since last.
- Home sales prices increasing in almost all districts.
- Banking financing generally positive with lending up
- Manufacturing was weaker to mixed
- Shortages reported mainly for skilled labor
