For more information about District economic conditions visit: https://www.kansascityfed.org/research/regional-research/. Construction and Real Estate Such statistics are good news for Federal Reserve Chairman Jerome . Federal Reserve Bank of Cleveland Internal Audit Manager Salaries in Contacts reported they expect further acceleration in the amount of office space that will be offered on secondary markets in coming months. The outlook for the retail market was uncertain, as it was seen to depend heavily on the extent of any economic slowdown in 2023. Employment growth continued and wage and price growth stayed elevated. Economic activity grew at a gradual pace. Growth in overall energy activity slowed across the District, as falling oil and gas prices were a headwind to new drilling and production. Manufacturing activity weakened substantially in the final weeks of 2022. Other workers were said to have left their jobs to start businesses in food, landscaping, and snow removal. Compressed work schedules, flextime, job sharing, voluntary part-time employment, and telecommuting programs are available options. In addition, higher interest rates were making small businesses reluctant to take on working capital loans. The downward trend in the office sector has eased some as more employers require their staff to return to the office; however, heightened levels of sublease space remained an impediment to market recovery. According to one contact, the pipeline for new hotel construction "has fallen precipitously." However, construction contacts continue to work through backlogs. Furthermore, prices for inputs such as fertilizers, chemicals, and energy all moved down during the reporting period, and there was less concern about the availability of inputs. The Cleveland Fed participates in the Federal Reserve System's annual national horizontal review of cybersecurity for banks with assets between $100 billion and $500 billion. Join us in Cleveland or virtually for outside-the-beltway conversations about policies affecting lower-income communities across the United States. Commercial real estate markets stabilized, and construction activity has remained sluggish. Prices climbed further although firms expect pressures to moderate somewhat next year but remain elevated. Outlooks deteriorated overall, with a majority of contacts citing weakening demand and/or potential recession as a primary concern going forward. Manufacturing Your Health and Wellness Medical Plans and More Many contacts planned to focus increasingly on raising labor productivity and cutting costs. Several employers required employees to return to the office and have become less flexible with remote work arrangements. A suburban Minnesota mall estimated that sales rose by 5 to 10 percent, with high traffic volumes even during the week. The Fed - Beige Book - January 18, 2023 First District retail contacts reported mixed sales, while tourism contacts saw strong increases in activity. Auto production decreased slightly, while heavy truck demand increased slightly. Several contacts reported being at a breaking point on increasing wages as they cannot pass through costs anymore to consumers. Learn about the mission, structure, and role of our organization, both regionally and nationally. Retailers overall reported a decent holiday shopping season, with good initial traffic interrupted by severe winter weather. Manufacturing We serve the American people as part of the US central bank. Transportation activity continued to slow from unsustainable pandemic levels. Reported anonymously by Federal Reserve Bank of Cleveland employees.
