Rachel Lang

Economic activity in the Twelfth District edged down slightly during the July to mid-August reporting period. Employment levels were down slightly as employers laid off workers and did not fill vacated positions. Wages grew somewhat, and prices rose modestly overall. Conditions in retail trade and the consumer and business services sector weakened slightly. Manufacturing activity declined modestly, and conditions in agriculture and resource-related sectors were somewhat weaker. In both residential and commercial real estate, activity was slow but unchanged. Financial sector conditions were stable. Community support organizations struggled to balance the continued demand for services against declines in funding. Looking ahead, contacts’ economic outlook weakened some relative to the prior reporting period.

As a Regional Executive, Stephen DeLay traveled to various cities in Northern California to gather insights from business leaders on local economic conditions. These engagements provide valuable context to guide the Fed’s monetary policy efforts.