Highlights by Federal Reserve District
Boston
Business activity was roughly even. Tourism contacts enjoyed moderate growth, while retail sales were flat, and manufacturing slowed. Home sales fell further. Headcounts rose modestly and wage growth was moderate. Prices increased modestly amid further easing of cost pressures. Some contacts worried that smaller banks might restrict lending over liquidity concerns, putting a damper on economic activity.
New York
Regional economic activity was little changed, though goods production picked up noticeably. The labor market has remained solid, with ongoing slight job growth and wage gains. Inflationary pressures moderated somewhat but remained widespread. Conditions in the broad finance sector deteriorated sharply coinciding with recent stress in the banking sector.
Philadelphia
Business activity appeared to decline slightly during the current Beige Book period after increasing last period. Consumer demand ticked down, while employment held steady. Wage growth slowed to a modest pace. Price inflation subsided but continued to grow modestly. Banks reported tighter lending standards. Expectations were subdued as sentiment remained cautious.
Cleveland
Economic activity was generally flat in the Fourth District and developments in the banking sector appeared to have very little impact on either recent economic activity or credit availability. Labor demand eased, and the supply of workers increased, particularly for lower-wage positions. Wage and other cost pressures continued to ease.
Richmond
The regional economy contracted slightly in recent weeks. Manufacturing activity, retail spending, and loan demand softened. Travel and tourism picked up moderately while nonfinancial service providers indicated steady demand. Real estate firms reported reduced activity, while transportation freight volumes contracted moderately. Employment rose slightly with moderate increase in wages. Prices grew at a strong rate.
Atlanta
Economic activity grew modestly. Labor markets improved further, and wage pressures eased slightly. Some nonlabor costs moderated and others remained unstable. Retail sales softened. Auto sales were robust. Tourism activity remained strong. Housing demand improved further. Transportation was mixed. Loan growth was solid. Energy demand was healthy. Agriculture remained mixed.
Chicago
Economic activity was little changed. Employment increased moderately; consumer spending, business spending, and construction and real estate were flat; nonbusiness contacts saw little change in activity; and manufacturing demand decreased modestly. Prices and wages rose moderately, and financial conditions tightened moderately. Agricultural incomes were expected to be lower in 2023 than in 2022.
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