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. Agriculture, where farmers are suffering financial stress from recent price declines, is the most sharply negative component in the district economy. But there is also slowing in oil and gas development and mining. In addition, tourism remained weak in most areas through the first quarter of 1998. The mix varies.