Economic growth in the Second District has moderated since the last report. Consumer confidence in the region declined moderately in September, and consumer spending has been weaker, in part due to unseasonably warm weather. The housing market has shown signs of softening, especially at the high end, though the rental market has continued to strengthen. On a more positive note, labor markets and commercial real estate markets have continued to firm, and tourism has continued to show exceptional strength. Freight traffic at the Port of New York and New Jersey has been robust and reportedly little affected by the recent Gulf hurricanes. Generally, manufacturers indicate little or no disruption from the storm and report ongoing improvement in business conditions. Finally, bankers report weaker loan demand from the household sector but little change in delinquency rates or credit standards. More
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