66% of Districts reported little or no change in economic activity since the prior period, while 25% reported modest growth. Contacts from nearly all Districts reported decreases in manufacturing activity. Most Districts indicated that expectations for future growth were positive, had improved, or both.

Labor: 58% of Districts reported little or no net change in overall employment levels, while 33% reported job growth. Nearly all Districts cited one or more signs of a cooling labor market, and many expect wage growth will decline.

Prices: 50% of Districts noted slight or modest price increases, and 16% reported moderate increases. Firms in most Districts cited examples of steady or falling input prices, especially in the manufacturing and construction sectors.