Dallas San Francisco Full report Economic activity in the First District continues at a high level. Almost all of the New England businesses contacted this time have seen increases in revenues or sales from a year earlier, although some cite signs of slower growth.
Price inflation remains limited.
Retail Most retail contacts say that sales growth continues to exceed expectations. By exception, however, respondents in the discount retail sector report sales below last year, while a graphic supply firm indicates sales growth slowed in the last month. Most respondents report steady employment levels, although a lumber yard and contacts in the tourist industry are seeing employment levels erode because job leavers are running ahead of new hires. All contacts say that hiring is increasingly difficult because of very tight labor market conditions. Most merchants continue to report wage increases in the 3 to 5 percent range.