San Francisco Full report Economic activity in the First District is generally expanding, but at a slower pace than in the first half of the year. Prices are reportedly stable or falling. Labor markets remain tight and firms in the region mostly report they are not adding to their work forces, except seasonally. Retail Most retail contacts report positive, but clearly slowing, sales growth in the September to early November period. Retail sales the day after Thanksgiving were up modestly from year-earlier.
Permanent employment is reported to be holding steady on a same-store basis.
Hiring for the holiday season is currently in progress. Some retailers say that labor markets are very tight, especially for information technology workers. The tourism sector reports that labor raiding is occurring and large wage premiums are being offered. Otherwise, wage rates are said to be either flat or increasing only slightly. With the exception of tourism, respondents report that consumer prices and vendor prices are holding steady.