Employers reported lower turnover rates returning to pre-pandemic norms. Overall economic expectations for the coming months call for slow growth.
- Labor demand remained healthy, as some contacts reported hiring was more targeted and selective.
- Manufacturing activity increased for 50% of the Districts and declined in the other half.
- Input cost pressures eased in the manufacturing sector.
- Transportation activity was down or flat across Districts that reported reduced demand due to high inventory levels.
- Freight rates continued to decrease.
- The prices for many construction inputs decreased, though concrete prices increased.
- Banking conditions were subdued as lending activity continued to soften.
The prices for many construction inputs decreased, though concrete prices increased.
Banking conditions were subdued as lending activity continued to soften.