Economic activity continued to expand across the United States, with 10 of the 12 Federal Reserve Districts reporting moderate or modest growth. The outliers were the Dallas District, which reported strong growth driven in part by the energy sector, and the St. Louis District where growth was described as slight. Manufacturers in all Districts expressed concern about tariffs and in many Districts reported higher prices and supply disruptions that they attributed to the new trade policies.
All Districts reported that labor markets were tight and
many said that the inability to find workers constrained growth. Consumer
spending was up in all Districts with particular strength in Dallas and
Richmond. Contacts reported higher input prices and shrinking margins. Six
Districts specifically mentioned trucking capacity as an issue and attributed
it to a shortage of commercial drivers. Contacts in several Districts reported
slow growth in existing home sales but were not overly concerned about rising
interest rates. Commercial real estate was largely unchanged.
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