by Calculated Risk on 3/08/2023 02:16:00 PM
Fed’s Beige Book “This report was prepared at the Federal Reserve Bank of New York based on information collected on or before February 27, 2023. “
Labor market conditions remained solid. Employment continued to increase at a modest to moderate pace in most Districts despite hiring freezes by some firms and scattered reports of layoffs. Labor availability improved slightly, though finding workers with desired skills or experience remained challenging. Several Districts indicated that a lack of available childcare continued to impede labor force participation. While labor markets generally remained tight, a few Districts noted that firms are becoming less flexible with employees and beginning to reduce remote work options. Wages generally increased at a moderate pace, though some Districts noted that wage pressures had eased somewhat. Wage increases are expected to moderate further in the coming year.
And some regional comments on rents:
Dallas: “Apartment leasing remained sluggish, and occupancy and rents were flat.”