Businesses generally report little or no employment growth and slowing demand. Concerns about tight labor markets have abated lately.
Residential construction is down, although low mortgage rates recently have revived home sales.
Credit standards for loans, especially consumer loans, have tightened, while loan demand has weakened. Crop and livestock prices have rebounded somewhat from their lows. Timber farms suffered major damage from ice storms earlier in the season. Manufacturing and Other Business Activity Contacts report considerable weakening in the manufacturing sector in most areas of the District, with little or no employment growth and slowing demand. Several plants, including those in the steel and plastics industries, are closing or laying off workers to stem losses.