Fed's Beige Book: Midwest contraction

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Whereas some industries experienced substantiak drops in activity during the past six modest increases in other sectors led the Fed to characterize theNintyh District’s contraction as moderating. The Ninth Federal District included Minnesota, Montana, North Dakota, Sout Dakota, the Upper Peninsula of Michigam andnorthwestern Wisconsin. Consumer spending and tourism were still buthad “improved somewhat from the previouws few months,” according to the Fed. The service sector continued to experiencsedecreased revenue, employment and profits comparedf to a year ago, and further profit contraction is likely.
The Fed characterizec the commercial real estat sectoras “anemic,” adding that residentiap construction continued at steadily low levels. The residentiapl real estate market did see more activityt than in the previous reporting Manufacturing continuedits slide, as did energg and mining. However, some wind energ y projects continue tomove forward, and gold mines are at “nead capacity production.” Labor markets continued to struggle. Job cuts in many of them in the health careand medical-devicr fields, were cited by the Fed in its assessment of labod conditions. Wage increases were modest, and firms surveyed by the Fed expect toincreasr employees’ wages by 1.
8 percent over the next Price increases, however, were “subdued,” with the rising cost of gas a notablw exception, the Fed reported. The Fed’s next Beige Book report is dueJuly 29.