Despite uncertainty and increasing caution, the level of output in the Ninth District economy continues strong. Construction seems indefatigable and is a source of strength for the broader economy. Consumers continue to buy freely and tourist revenues are the strongest in some time. Manufacturing, which is generally strong, shows increasing variation among firms and some signs of slowing growth. Natural resource sector production continues largely unchanged except for iron mining, which faces cuts due to increased steel imports.
Banking remains profitable overall.
Labor markets remain tight in most areas. Agriculture, pressed by low prices for crops and livestock, remains the most financially strained sector. The survey also showed declines in export sales for Minnesota and both Dakotas. Businesspeople contacted for this report generally showed less unease than in early September, but continued to express some concerns about slowing. Banking Ninth District banking conditions vary considerably by locality.