San Francisco Full report The Ninth District economy continues to grow at a moderate pace. The growth for consumer spending remains slower, as well as for the construction, tourism and manufacturing industries. Meanwhile, energy and mining activity continues at a strong rate. Although some signs of weakness persist, most district farmers are having a good harvest and the expected government aid is larger than last year.
Labor markets are still tight as businesses struggle to attract and retain workers.
Overall price increases are moderate, but significant increases were noted for energy and employee benefits. The pace of commercial construction is slowing. Building contracts awarded in the Dakotas and Minnesota decreased 2 percent for the three-month period ending in August compared with the same period last year. A Minnesota contractor said that building activity is level with a year earlier and that dry weather this fall has helped some construction projects finish ahead of schedule. In contrast, September construction permits in Rochester, Minn., were the second highest month in city history.