San Francisco Full report Growth continues to predominate in most sectors of the Ninth District economy. But ill winds, especially from Asia, are increasingly retarding the pace of growth. General retailing, autos, tourism and construction are strong. Real estate markets are very active in both residential and commercial categories.
Unemployment rates remain very low, and labor markets show continuing symptoms of tightness.
Manufacturing output, while still high overall, is beginning to slacken, especially in those products or firms with substantial Asian exposure. The natural resource sectors, particularly agriculture, mining and energy development, face low prices, and drilling and mining activity is faltering. Reports of upward pressure on overall compensation are widespread, despite data showing only moderate increases in direct, cash compensation. Realtors also report strong activity in office, commercial and light industrial space. Construction is similarly booming.