| District economic developments | |||||||
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| District Economic ROBERT LACY Economic growth accelerated the Fifth District the third quarter Sales growth was faster the District retail and services establishments and housing activity remained stalwart despite rising mortgage interest rates during much the quarter But not all economic data were encouraging Employment numbers continued disappoint and manufacturing output drifted lower Economic growth the Fifth District picked the third quarter The sluggish expansion spring gave way solid economic growth July District retailers and services providers particular reported much higher revenues during the period Hurricane Isabel which swept through the District September disrupted retail and services businesses some areas but fortunately had few long lasting impacts the region economy few clouds lingered however this generally brighter economic picture Most notably the Fifth District manufacturing sector remained the doldrums And while sales most District businesses rose brisk pace many employers were very cautious hiring still await turn employment numbers that would confirm the District economy solid footing uptick interest rates had spurred home sales recent months fence sitters committed home purchases anticipation further rate hikes the end the third quarter mortgage rates had edged lower and realtors were continuing report robust home sales with year mortgage rates generally below percent Manufacturing Drifts The District manufacturing sector contracted modestly the third | |||||||
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