San Francisco Full report The First District economy continues to expand at a moderate pace, although signs of slowing continue to emerge. Most manufacturing contacts are doing more business than a year earlier and retailers' sales are meeting expectations.
Labor shortages remain a problem.
Manufacturers are paying more for inputs and raising their own prices more than in previous reports. Local retailers, however, say vendor price increases are only sporadic and selling price increases are nonexistent. Real estate contacts say housing markets in New England have slowed. Retail Most retail contacts report that sales are growing at expected rates. One exception is an apparel seller with sales growth slightly below expectations.