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Eighth District Beige Book
Economic activity has remained unchanged since our previous report. Labor markets remained tight, but contacts reported reduced urgency to hire new workers and stable wage pressures. Prices increased, but the rate of price increases for many firms has slowed over the past few months. Travel and hospitality firms reported strong leisure travel growth during the holiday season and an optimistic outlook for the upcoming year. Rental prices were flat and residential inventory rose slightly. Banking contacts reported slowing loan demand. Agriculture contacts were negatively affected by drought conditions.
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