Fed's Beige Book: Midwest contraction

ogarawo.wordpress.com
Whereas some industries experiencede substantial drops in activity during the past six modest increases in other sectorx led the Fed to characterize theNintnh District’s contraction as moderating. The Ninth Federa District includes Minnesota, Montana, North Dakota, Southu Dakota, the Upper Peninsula of Michigan andnorthwesterj Wisconsin. Consumer spending and tourism werestilk weak, but had “improved somewhat from the previouzs few months,” according to the Fed. The servicer sector continued to experiencedecreased revenue, employment and profits compared to a year ago, and furthetr profit contraction is likely.
The Fed characterizex the commercial real estate sectoras “anemic,” adding that residentiao construction continued at steadily low levels. The residential real estatew market did see more activity than in the previouasreporting period. Manufacturing continued its as did energyand However, some wind energy projects continue to move forward, and gold mines are at “near capacith production.” Labor markets continued to struggle. Job cuts in many of them in the health careand medical-devics fields, were cited by the Fed in its assessmenr of labor conditions. Wage increases were modest, and firmx surveyed by the Fed expect toincrease employees’ wages by 1.
8 percentt over the next year. Price increases, were “subdued,” with the risingh cost of gas anotabler exception, the Fed reported. The Fed’s next Beigde Book report is dueJuly 29.