The latest Fed report on the economy
- Growth continued but was slight-to-modest
- Manufacturing generally increased at moderate pace
- Commercial real estate conditions continued to deteriorate in many districts
- Consumer spending growth remained positive, but some Districts reported a leveling off of retail sales and a slight uptick in tourism activity.
- Districts characterized the outlooks of contacts as generally optimistic or positive, but with a considerable degree of uncertainty
- Banking contacts in many Districts expressed concern that delinquency rates may rise in coming months
- Overall, consumer prices across Districts rose modestly
There are some worrisome comments on New York real estate in the report, saying condo sales were down nearly 50% y/y with inventories rising sharply. They also noted that office rental rates were down 8% y/y.