San Francisco Full report The Ninth District shows little change from earlier in the year. The economy is growing moderately in most urban areas and strongly in some. But increasing weakness in farming and other natural resource sectors is casting a pall over spending in rural areas, particularly in Montana, North Dakota and South Dakota. Urban economic activity shows little change from the previous report.
Construction appears indefatigable in most areas, despite a few anecdotal reports of softening.
Manufacturers remain generally busy, though a few small layoffs were announced. General merchandise and apparel sales continue strong. Bank lending remains aggressive and there may be some erosion of underwriting standards. Labor markets continue tight and price increases for goods or services, low. Change is most visible in the natural resource sectors.