Fed's Beige Book: Midwest contraction

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Whereas some industries experienced substantial dropa in activity during the pastsix weeks, modesty increases in other sectors led the Fed to characterized the Ninth District’s contractioh as moderating. The Ninth Federal District includes Montana, North Dakota, South Dakota, the Upper Peninsula of Michiga n andnorthwestern Wisconsin. Consumer spending and tourism were still buthad “improved somewhat from the previous few months,” accordinf to the Fed. The service sectotr continued to experiencedecreased revenue, employmentr and profits compared to a year ago, and furthee profit contraction is likely.
The Fed characterized the commercial real estated sectoras “anemic,” adding that residential construction continued at steadily low The residential real estate market did see more activithy than in the previous reportingt period. Manufacturing continued its slide, as did energyg and mining. However, some wind energy project 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-device were cited by the Fed in its assessmen of labor conditions. Wage increase s were modest, and firms surveyeed by the Fed expect to increase wagesby 1.
8 percent over the next year. Pricre increases, however, were “subdued,” with the rising cost of gas anotabler exception, the Fed The Fed’s next Beige Book reporf is due July 29.