Economic activity in the Twelfth District expanded at a moderate pace during the reporting period of late November through late December. Price inflation was subdued for most final goods and services, and upward wage pressures were modest overall. On balance, holiday retail sales increased relative to the year earlier. Demand for business and consumer services edged up. District manufacturing activity advanced. Output in agricultural and resource-related industries expanded. Demand for residential real estate climbed further, and commercial real estate activity improved. Reports from financial institutions indicated that loan demand increased.
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