Dallas San Francisco Full report Economic activity continues to expand in the First District.
Retailers report strong sales growth and little price inflation.
Most manufacturers are also seeing their business grow and indicate they are not raising prices. Labor markets remain tight. Most companies say base wages are rising at a 3 to 5 percent pace, although increasing numbers say they are raising wages more than this. In addition, temp firms report wages are up 5 to 10 percent from a year earlier. Firms continue to implement technologies or strategies that economize on labor and other inputs.