Dallas San Francisco Full report Economic activity in the Fourth District continued to be weak. Steel producers and other manufacturers have seen no improvement. Layoffs have continued, and wage growth has slowed. Retailers reported flat sales on average.
Commercial construction is flat.
On the other hand, there have been some positive developments. Bankers are beginning to see an increase in loan volume, and residential construction is booming. Industrial Activity Manufacturing layoffs have continued even though many companies indicated that they are holding on to high-skilled workers despite the slack workload. To cope, some plants are offering workers voluntary time off, and overtime is authorized only when necessary to meet an order deadline. Basically, manufacturers are waiting for orders to pick up.