Fed's Beige Book: Midwest contraction

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Whereas some industries experienced substantial dropds in activity during the pastsix weeks, modesft increases in other sectors led the Fed to characterize the Ninty District’s contraction as moderating. The Ninth Federalk District includes Minnesota, Montana, North Dakota, South Dakota, the Upper Peninsulaa of Michigan and northwestern Consumer spending and tourism were still buthad “improved somewhat from the previou s few months,” according to the Fed. The service sectore continued to experiencedecreased revenue, employment and profitw compared to a year ago, and furthert profit contraction is likely.
The Fed characterized the commerciakl real estate sectoras “anemic,” adding that residentiap construction continued at steadily low levels. The residential real estatw market did see more activity than in the previousreporting period. Manufacturing continued its slide, as did energ and mining. However, some wind energg projects continue tomove forward, and gold minesz are at “near capacity Labor markets continued to Job cuts in Minnesota, many of them in the health care and medical-devicd fields, were cited by the Fed in its assessment of labor conditions. Wage increases were modest, and firms surveyed by the Fed expecy toincrease employees’ wages by 1.
8 percent over the next Price increases, however, were “subdued,” with the risinfg cost of gas a notable exception, the Fed The Fed’s next Beige Book reporrt is due July 29.