The District economy is still growing at a moderate pace. District firms continue to report growth in sales and employment, though tight labor markets persist in many parts of the District.
Contacts are generally optimistic about near-term economic conditions.
May. Total loans outstanding at large District banks rose slightly during the past two months, with commercial and industrial lending posting the largest increase. Manufacturing and Other Business Activity District contacts continue to report that favorable economic conditions are allowing them to increase sales and employment, though tight labor markets still plague many parts of the District. While demand remains greatest for skilled trade workers especially those with electronic skills, master electricians, and drafters contacts are reporting that health service workers particularly nurses and occupational therapists and hotel and restaurant managers are also needed. In addition, many firms are still having trouble finding and retaining qualified entry-level workers. Still, most contacts have not reported added upward wage pressure in the face of ongoing labor market tightness.