Comments from retailers about recent sales were more mixed than in our last report. Similarly, reports from manufacturers varied considerably across sectors. The District's single-family construction market continued to slow somewhat, while commercial activity remained robust. Summer tourism numbers have been strong across the region. Loan demand showed solid growth overall, although weakness persisted in the residential market.
Labor markets remain tight in almost all areas and sectors.
Prices were stable with a few exceptions. Finally, drought conditions have resulted in significant crop losses. Consumer Spending Sales growth in the second quarter varied greatly across stores in the region, and this trend continued into July. Most department store and mall merchants noted a slight weakening, whereas sales growth held steady at most discount department stores. Most merchants said that recent sales had merely met or fallen below their expectations.