Reports from the 12 Fed districts painted a picture of "widespread signs of a deceleration.
Economic growth at a modest pace:
Mixed conditions or deceleration in overall economic activity:
- St. Louis,
- Kansas City,
- San Francisco
Positive developments or net improvements:
Major trouble spots identified:
- New York,
- 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.