Auto sales were flat on average, but some dealers noted that increased vehicle availability had boosted sales. Florida citrus yields were down notably due to damage from Hurricane Ian. Labor market pressures eased further since the previous report, but firms continued to describe labor markets as tight. Labor supply improved somewhat, and employment levels grew at a modest pace. Firms have reported small increases in production but moderate decreases in new orders. In manufacturing, inventories were somewhat elevated, as supply issues continued to lead firms to hold unfinished products. The organizations on this list, all of which have a regional focus in their employee base, have increasing workforce and management diversity, as well as strong supplier diversity. Federal Reserve Bank Offices - FRBservices.org A vehicle dealership with multiple locations saw sales of both new and used vehicles rise in December, year over year. Federal Reserve Bank of Cleveland - reviews.birdeye.com We represent and gather information from the Fourth Federal Reserve District, spanning Ohio and parts of Pennsylvania, West Virginia, and Kentucky. Other workers were said to have left their jobs to start businesses in food, landscaping, and snow removal. Requests for assistance with housing and utility bills continued to dominate the share of 211 requests in the three-state region, at 32 percent and 23 percent, respectively. Nonprofits reported higher demand for their services during the reporting period. Federal Reserve Bank of Cleveland | LinkedIn Retail fuel prices in District states declined rapidly since the last report. In northern Arkansas, parks and recreation services are expected to increase with staffing additions and a new proposal for expanded services. Contacts in the leisure & hospitality sector indicated some leveling off in activity, following weakening in the prior report. Prices at software and IT firms were up modestly on average, although one contact enacted "more aggressive" price increases in the second half of 2022. Posted: March 04, 2023. Gulf Coast refining was impacted by the winter storm that swept across the U.S. in late December, causing regional utilization to fall approximately 20 percent, though long-term damage to infrastructure was minimal. Firms' year-ahead inflation expectations also decreased from 3.3 percent in November to 3.1 percent in December, on average. Residential construction activity declined modestly overall, led by a pullback in single family homebuilding. Additionally, as companies consolidated their office space there was an increase in sublease inventory and vacancy rates. On balance, the Fifth District economy continued to expand slightly in recent weeks as consumer spending grew modestly but activity in other sectors declined. That said, many contacts indicated they were no longer experiencing supply chain disruptions. Activity in the manufacturing sector was mixed over the reporting period. Infrastructures, Payments System Policy Advisory Committee, Finance and Economics Discussion Series (FEDS), International Finance Discussion Papers (IFDP), Estimated Dynamic Optimization (EDO) Model, Aggregate Reserves of Depository Institutions and the Washington. Contacts in Utah highlighted strong overall conditions for local manufacturers, noting increased business migration to the state. Bankers noted moderate slowing in commercial lending, and some contacts reported weaker loan pipelines. Capital market sales activity was down significantly due to higher interest rates. Consumers are still taking trips but are booking shorter stays, resulting in softness during the week. Travel and tourism increased moderately in recent weeks. A contact suggested that many farmers will spend their gains on equipment and trucks, especially as availability at dealers had improved. A contact in the auto industry reported lower prices for used and new vehicles as inventories grow. Price pressures have abated most significantly in the trade, transportation, and manufacturing sectors. Employment rose moderately, spurred by seasonal hiring in retail and hospitality. Terms, Statistics Reported by Banks and Other Financial Firms in the Our research informs the public and policymakers by examining economic issues of importance to those in our local communities, across the nation, and around the world. +0.6% in January 2023. New industrial construction has largely dried up. District manufacturing activity decreased slightly since the last report. First District retail contacts reported mixed sales, while tourism contacts saw strong increases in activity. . It would be a lateral move with lots of room to grow (hopefully). Demand for retail goods and services was stable. Residential real estate activity fell moderately. Cleveland, OH. On balance, price increases were expected to moderate, however. Labor market pressures eased somewhat, but wage pressures persisted. Terms, Statistics Reported by Banks and Other Financial Firms in the If you leave the Federal Reserve, you may elect to receive your benefit as a Portable Cash Option (PCO), an alternate payment option under the retirement plan. Modest economic growth continued, with an acceleration in the manufacturing sector but an abatement in the service sector. Several segments of the service sector had modest declines in employment, but job openings remained elevated. Looking ahead, bankers expected that loan volumes would continue to decline through the first quarter because of a decrease in applications in the pipeline. H.8, Assets and Liabilities of U.S. Economic activity grew at a gradual pace. Based on 1 salaries posted anonymously by Federal Reserve Bank of Cleveland Internal Audit Manager employees in Wright Patterson AFB, OH. Labor Markets It may not be complete. A car dealer said that rising interest rates have slowed vehicle sales but that was helping to get more inventory back on the lot. Some contacts noted that lower-income consumers continued to trade down and shifted to non-discretionary spending. Join us in our mission to strengthen the economic performance of the nation and our region and make a positive impact on the communities we serve. As the US central bank, the Fed formulates and implements monetary policy, provides payment services to commercial banks and the US government, and supervises banking institutions. Banking and Finance Many nursing program graduates were reportedly rethinking their choice to pursue a career in health care, as shortages have resulted in higher stress for existing workers. Rainfall improved agricultural conditions. Philanthropic organizations continued to face the challenge of balancing increased requests to address basic needssuch as food insecuritywith lower revenues. Kansas City A restaurant said they turned away business in December due to staffing shortages. Prices for new tractors and trailers have increased substantially and new equipment orders were back ordered about six months. These can include annual merit-based increases, incentive payments and cash awards, as well as special employee appreciation and fun events throughout the year. Residential real estate activity also softened due to elevated mortgage rates leading to lower sales volume with more seller concessions. Company Federal Reserve Bank of Cleveland. Tourism and hospitality contacts reported strong demand for leisure travel throughout the holiday season. Contacts reported tight labor markets but continued improvement in their ability to hire and retain workers of all skill levels. Auto dealers in Little Rock noted that inventories remain too low to meet demand at current prices, especially in used cars, and that they had a surprising surge in foot traffic shortly after Thanksgiving. Activity in the nonfinancial services sector remains stable since our previous report. Wage pressures eased over the past year, though they did not change meaningfully in recent weeks. Prior to being named president and chief executive officer of the Federal Reserve Bank of Cleveland, Dr. Mester had been executive vice president and director of research at the Federal Reserve Bank of Philadelphia, where she was the chief policy adviser and oversaw the economists and analysts in the Research Department as well as professionals in the Financial Statistics Department and the Payment Cards Center. Movie ticket sales were also up. Loaded imports were significantly down led by a decline in retail inventory, but loaded exports were flat or slightly up. Multiple manufacturing contacts mentioned investing in automation due to high labor costs. H.8, Assets and Liabilities of U.S. Employment growth remained moderate overall and wage growth stayed elevated. Nonfinancial Services Last Update: Management isn't the best. the nation with a safe, flexible, and stable monetary and financial I get to build valuable solutions for customers while working with a team who foster creativity, innovation, and learning. By contrast, costs were said to be rising for concrete, electronics, and electrical components. Some firms reported plans to right size inventory levels, reverting back to "just-in-time" inventory management compared to pandemic-era "just-in-case" inventory approaches. Average time on the market for residential housing has also increased during the fourth quarter. Demand for insurance and legal services was strong. Bankers reported that loan volumes declined further. Both vacancy rates and the availability of sublease space increased modestly. Hotel occupancy and attendance at tourism venues were greater than 2019 levels. Visitor Information The regional economy continued to grow at a slight pace, due in large part to moderate growth in consumer spending as manufacturing, transportation, real estate, and lending activity slowed. Demand for goods at retail businesses fell slightly. Leisure travel activity was robust, and bookings for the first half of 2023 were strong. One food bank in Kansas City reported that the number of sack lunches they provided tripled in 2022, with similar reports of heightened demand in other District cities. She has published numerous articles on a variety of topics, including economics, central banking, and financial issues. Browse the Feds suite of educational programs and resources. Most new commercial construction projects have been put on hold due to elevated construction costs and higher funding rates. Manufacturing Some said they found it increasingly difficult to pay their bills and were therefore accumulating credit card debt.

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