Economic activity in the New Orleans area expanded slightly over the past six weeks. That’s according to the latest assessment of regional economies from the Fed, which also said labor markets improved, but wage pressures continued. Leisure travel activity softened while business travel strengthened. Housing demand declined, while manufacturing activity was strong.
The peak season shipping wave is starting to look like a washout. Fall is typically when ocean, air and truck carriers scramble to meet a year-end rush of orders as retailers fill stores with clothes, electronics and gifts and freight operators fill up on profits. But this year’s peak season is fizzling because many retailers rushed in goods early to avoid a repeat of last year’s supply-chain snarls. Container imports in September were down 12.4% from August, an unusually sharp drop for this time of year.
Futures are mixed after stocks closed lower yesterday. The Dow Industrials fell 100, the NASDAQ lost 91 and the S&P 500 was down 24.
