Fed's Beige Book: Midwest contraction

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Whereas some industries experienced substantial drops in activity during the past six modest increases in other sectorzs led the Fed to characterize theNintgh District’s contraction as The Ninth Federal District includeds Minnesota, Montana, North South Dakota, the Upper Peninsula of Michigan and northwesterb Wisconsin. Consumer spending and tourism werestill weak, but had “improvee somewhat from the previous few according to the Fed. The service sectore continued to experiencedecreased revenue, employmen and profits compared to a year ago, and further profit contraction is likely.
The Fed characterized the commercia l real estate sectoras “anemic,” adding that residential constructio continued at steadily low levels. The residential real estatd market did see more activitty than in the previous reporting Manufacturing continuedits slide, as did energy and However, some wind energy projects continue to move and gold mines are at “neart capacity production.” Labor markets continuedx to struggle. Job cuts in Minnesota, many of them in the healt h careand medical-device fields, were citedf by the Fed in its assessment of labor conditions. Wage increases were modest, and firmsa surveyed by the Fed expect to increase wagesby 1.
8 percent over the next Price increases, however, were “subdued,” with the rising cost of gas a notablwe exception, the Fed The Fed’s next Beige Book reporrt is due July 29.