Beige Book – April 18, 2018

Economic activity in the Twelfth District continued to expand at a moderate pace during the reporting period of late February through early April. Conditions in the labor market remained tight, and upward wage pressures persisted. Price inflation increased modestly. Sales of retail goods were down slightly, while growth in consumer and business services remained solid. Conditions in the manufacturing sector picked up modestly, and activity in the agriculture sector was flat. Contacts reported that residential real estate market activity continued at a strong pace, and conditions in the commercial real estate sector were solid. Lending activity ticked up.