Prepared at the Federal Reserve Bank of Minneapolis and based on information collected before October 25, 1999. This document summarizes comments received from businesses and other contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials.
Most districts continue to report strong economic growth but some slowing is noted.
Manufacturing activity continues to advance in almost all districts and for most industries. Although four districts report some slowing in consumer outlays, spending generally remains strong and most retailers are expecting increases in holiday sales from last year. Real estate and construction are still robust in most districts, though there are signs of some moderation in activity. The mining and energy industries are showing signs of recharging. Overall loan demand remains brisk, although a softening is noted by some districts in consumer loan demand.