economic.

Economic growth has slowed since earlier in the year

Reports from the 12 Fed districts painted a picture of "widespread signs of a deceleration. Economic growth at a modest pace:

  • St. Louis,
  • Minneapolis,
  • Kansas City,
  • Dallas,
  • San Francisco
Mixed conditions or deceleration in overall economic activity:

  • New York,
  • Philadelphia,
  • Richmond,
  • Atlanta,
  • Chicago
Positive developments or net improvements:

  • Boston,
  • Cleveland
Major trouble spots identified:

  • Poor home sales,
  • Weak demand for commercial space,
  • Residential real estate markets continuing to decline,
  • Inventories of available homes rose in general
Price movements were mixed, with most districts reporting stability or declines of late. Demand for commercial, industrial, and retail space generally remained depressed. Vacancy rates stayed at elevated levels in most areas and rose further in a few districts, placing substantial downward pressure on rents. Asking rents continued to decline in parts of New York and Kansas City.

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