- Eight districts noted slight or modest growth
- Four districts indicated moderate growth
- Contacts in most Districts reported ongoing growth in manufacturing
- Retail contacts noted some softening
- Residential real estate contacts observed weakness as buyers faced high prices and rising interest rates
- Eight Districts reported that expectations of future growth among their contacts had diminished
- Most Districts noted that their contacts had reported strong or robust price increases
- three Districts observed that price increases for their own goods or services had moderated somewhat
- one District noted that its firms' price expectations have edged down for two consecutive quarters
There is some slightly positive commentary on inflation but only from a small group of districts. The optimists will see that as something to build on but the report almost reads as if the Fed is grasping at straws.
