Dallas San Francisco Full report District contacts, while still reporting tight labor markets in their communities, are seeing some moderation in the rate of economic growth. Retail contacts expressed satisfaction with November sales activity and are generally optimistic about the holiday season. The latest Manpower survey suggests a slight pullback in hiring plans for the first quarter of 1999 compared with a year earlier.
Housing markets remain strong, although growth in new construction has been waning.
Nonresidential construction has slowed across the District. While loan demand remains strong at large District banks, several bankers report a modest tightening of loan standards for corporate borrowers. Farm sector contacts report that low commodity prices have significantly pared sales of farm machinery and agricultural chemicals compared with a year earlier. Most of those surveyed indicated that their inventories were at desirable levels or just a little bit high. Contacts report that balmy weather throughout the District kept many shoppers out of the malls the weekend after Thanksgiving, although the effect on sales figures has not yet been tabulated.