March 29 (UPI) -- Growth in the oil and gas sector is on the decline relative to previous years, with respondents to an energy survey for the Federal Reserve Bank of Dallas published Wednesday saying there's still work to do to dampen inflationary strains.
The Dallas Fed said in its energy survey for the first quarter that "growth in the oil and gas sector has stalled out." For the ninth quarter in a row, firms responding to the survey said rising costs were an impediment.
"Inflation pressures appear to be moderating slightly, but we still have a long way to go," one respondent said.
Inflation continues to run at about three times above the target rate of 2% set by the U.S. Federal Reserve. Wholesale prices are on the decline, though the Fed last week opted to increase its lending rates to slow the economy down.
U.S. consumer confidence improves, though the outlook remains mixed