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U.S. Federal Reserve Beige Book: San Francisco District (Text)

The following is the text of the Federal Reserve Board’s Twelfth District-- San Francisco

Twelfth District economic activity continued to expand at a moderate pace during the reporting period of late April through the end of May. Price increases for final goods and services remained limited, and upward pressures on wages were subdued on balance. Sales of retail items rose further, while demand for business and consumer services was mixed. District manufacturing activity also was mixed but appeared to expand overall. Agricultural producers reported strong sales, and extraction activity rose for providers of natural resources used for energy production. Activity in District housing markets remained lackluster, while demand for commercial real estate showed signs of improvement. Contacts from financial institutions reported further increases in loan demand.

Price inflation was limited for most final goods and services during the reporting period, with the notable exceptions of food and gasoline. Although the prices of a wide range of commodities and raw materials remained elevated, the pass-through to final prices has been limited. For most retail goods and services, tepid demand and robust competition continued to hold down final prices.

Upward wage pressures were quite modest in general. Although hiring activity has picked up, high unemployment and ample labor availability continued to limit the pace of overall compensation gains throughout the District. The primary exception continued to be workers with specialized technical skills, particularly engineers and specialists in information technology , for whom wage gains remained significant in several parts of the District. Retail Trade and Services

Retail sales rose further on balance. Although consumers’ focus on necessities continued, the reports noted a slight shift back toward discretionary spending. Modest improvements in sales were reported for discount chains as well as for traditional department stores, and inventories generally were at or near desired levels given the pace of sales, enabling many retailers to reduce their reliance on promotional activities. For retailers of big-ticket items such as major appliances and furniture, however, sales remained somewhat weak. Similarly, sales were largely flat for grocers. Demand for new automobiles continued to strengthen, although sales growth was restrained somewhat by high fuel prices and shortages of new Japanese-made vehicles associated with the recent natural disaster in that country. The availability of used vehicles tightened further, primarily for imported models, which has propped up their sale prices and trade-in values.

Fourth of July Playlist: America, Fuck Yeah! :: Indie Shuffle

Author: Hannah Simon [ total posts: 56 -- click to view ]

Another sort of learning, selected contrary essays on the completion of our knowing, or, how finally to acquire an education while still in college, or anywhere else, containing some belated advice about how to employ your leisure time when ultimate questions remain perplexing in spite of your highest earned academic degree, together with sundry book lists nowhere else in captivity to be found

The Unofficial Guide to San Francisco

San Francisco noir, the city in film noir from 1940 to the present

Fodor's San Francisco 2010

The publishers weekly