San Francisco Full report Business contacts in the First District are fairly upbeat at the beginning of 1997.
Most retailers report solid, sustainable sales growth, although a few sectors are weak.
Manufacturers are seeing revenue gains as well, with over half the contacts reporting sales 8 to 20 percent ahead of a year earlier. Input prices and selling prices are mostly flat. Residential real estate continues to do well in New England and assets under management continue to rise at investment management firms. Most contacts in all sectors say they face tight labor markets for some occupations, but they cite only moderate increases in general wage levels. Retail A plurality of retail contacts report sales growth of 3 to 5 percent, a few percentage points greater than expected.