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Wednesday
January18,2023
TheBeigeBook
SummaryofCommentaryonCurrentEconomicConditions
ByFederalReserveDistrict
January2023
FederalReserveDistricts
Minneapolis
Boston
NewYork
ChicagoCleveland
SanFrancisco
Philadelphia
St.Louis
KansasCity
Richmond
Atlanta
Dallas
AlaskaandHawaii
arepartofthe
SanFranciscoDistrict.
TheSystemservescommonwealthsandterritoriesasfollows:theNewYorkBankservestheCommonwealthofPuertoRicoandtheU.S.VirginIslands;theSanFranciscoBankservesAmericanSamoa,Guam,andtheCommonwealthoftheNorthernMarianaIslands.
ThisreportwaspreparedattheFederalReserveBankofClevelandbasedoninformationcollectedon
orbeforeJanuary9,2023.Thisdocumentsummarizescommentsreceivedfromcontactsoutsidethe
FederalReserveSystemandisnotacommentaryontheviewsofFederalReserveofficials.
NationalSummary
Boston
FirstDistrict
NewYork
SecondDistrict
Philadelphia
ThirdDistrict
Cleveland
FourthDistrict
Richmond
FifthDistrict
Atlanta
SixthDistrict
Chicago
SeventhDistrict
St.Louis
EighthDistrict
Minneapolis
NinthDistrict
KansasCity
TenthDistrict
Dallas
EleventhDistrict
SanFrancisco
TwelfthDistrict
1
A-1
B-1
C-1
D-1
E-1
F-1
G-1
H-1
I-1
J-1
K-1
L-1
WhatistheBeigeBook?
TheBeigeBookisaFederalReserveSystempublicationaboutcurrenteconomicconditionsacrossthe12FederalReserveDistricts.Itcharac-terizesregionaleconomicconditionsandprospectsbasedonavarietyofmostlyqualitativeinformation,gathereddirectlyfromeachDistrict’ssources.Reportsarepublishedeighttimesperyear.
WhatisthepurposeoftheBeigeBook?
TheBeigeBookisintendedtocharacterizethechangeineconomic
conditionssincethelastreport.OutreachfortheBeigeBookisoneofmanywaystheFederalReserveSystemengageswithbusinessesandotherorganizationsabouteconomicdevelopmentsintheircommuni-
ties.Becausethisinformationiscollectedfromawiderangeofcon-
tactsthroughavarietyofformalandinformalmethods,theBeigeBookcancomplementotherformsofregionalinformationgathering.The
BeigeBookisnotacommentaryontheviewsofFederalReserveofficials.
Howistheinformationcollected?
EachFederalReserveBankgathersinformationoncurrenteconomicconditionsinitsDistrictthroughreportsfromBankandBranchdirec-
tors,plusinterviewsandonlinequestionnairescompletedbybusiness-es,communityorganizations,economists,marketexperts,andother
sources.Contactsarenotselectedatrandom;rather,Banksstrivetocurateadiversesetofsourcesthatcanprovideaccurateandobjectiveinformationaboutabroadrangeofeconomicactivities.TheBeige
Bookservesasaregularsummaryofthisinformationforthepublic.
Howistheinformationused?
TheinformationfromcontactssupplementsthedataandanalysisusedbyFederalReserveeconomistsandstafftoassesseconomiccondi-
tionsintheFederalReserveDistricts.Thequalitativenatureofthe
BeigeBookcreatesanopportunitytocharacterizedynamicsandidenti-fyemergingtrendsintheeconomythatmaynotbereadilyapparentintheavailableeconomicdata.Thisinformationenablescomparisonof
economicconditionsindifferentpartsofthecountry,whichcanbehelpfulforassessingtheoutlookforthenationaleconomy.
TheBeigeBookdoesnothavethetypeofinformationI’mlookingfor.Whatotherinformationisavailable?
TheFederalReserveSystemconductsawidearrayofrecurringsur-
veysofbusinesses,households,andcommunityorganizations.AlistofstatisticalreleasescompiledbytheFederalReserveBoardisavailable
here,
linkstoeachoftheFederalReserveBanksareavailable
here,
andasummaryoftheSystem’scommunityoutreachisavailable
here.
Inaddition,
FedListens
eventshavebeenheldaroundthecountryto
hearabouthowmonetarypolicyaffectspeoples’dailylivesandliveli-
hoods.TheSystemalsoreliesonavarietyof
advisorycouncils—
whosemembersaredrawnfromawidearrayofbusinesses,non-profitorganizations,andcommunitygroups—toheardiverseperspectivesontheeconomyincarryingoutitsresponsibilities.
1
NationalSummary
TheBeigeBook■January2023
OverallEconomicActivity
Overalleconomicactivitywasrelativelyunchangedsincethepreviousreport.FiveDistrictsreportedslightormodest
increasesinoverallactivity,sixnotednochangeorslightdeclines,andonecitedasignificantdecline.Onbalance,
contactsgenerallyexpectedlittlegrowthinthemonthsahead.Consumerspendingincreasedslightly,withsomeretail-ersreportingmorerobustsalesovertheholidays.Otherretailersnotedthathighinflationcontinuedtoreduceconsum-ers’purchasingpower,particularlyamonglow-andmoderate-incomehouseholds.Autosaleswereflatonaverage,butsomedealersnotedthatincreasedvehicleavailabilityhadboostedsales.Tourismcontactsreportedmoderatetoro-
bustactivityaugmentedbystrongholidaytravel.Manufacturersindicatedthatactivitydeclinedmodestlyonaverage,
and,inmanyDistricts,reportedthatsupplychaindisruptionshadeased.Housingmarketscontinuedtoweaken,with
salesandconstructiondecliningacrossDistricts.Commercialrealestateactivityslowedslightly,onaverage,withmorenotableweakeningintheofficemarket.Nonfinancialservicesfirmsexperiencedstabledemandonbalance.Mostbank-ersreportedthatresidentialmortgagedemandremainedweak,andsomesaidhigherborrowingcostshadbegunto
dampencommerciallending.Energyactivitycontinuedtoincreasemoderately,andagricultureconditionsweregener-allyunchangedorimproving.
LaborMarkets
EmploymentcontinuedtogrowatamodesttomoderatepaceformostDistricts.OnlyoneDistrictreportedaslight
declineinemployment,andoneotherreportednochangeinemploymentlevels.WhilesomeDistrictsnotedthatlaboravailabilityhadincreased,firmscontinuedtoreportdifficultyinfillingopenpositions.Manyfirmshesitatedtolayoff
employeesevenasdemandfortheirgoodsandservicesslowedandplannedtoreduceheadcountthroughattritionif
needed.Withpersistentlytightlabormarkets,wagepressuresremainedelevatedacrossDistricts,thoughfiveReserveBanksreportedthatthesepressureshadeasedsomewhat.Someemployersnotedtheyhavecontinuedtoofferbonus-esandenhancedbenefitstoattractandretainworkers.
Prices
SellingpricesincreasedatamodestormoderatepaceinmostDistricts,thoughmanysaidthatthepaceofincreaseshadslowedfromthatofrecentreportingperiods.ManufacturersinmanyDistrictsreportedcontinuedeasinginfreightcostsandpricesforcommodities,includingsteelandlumber,thoughsomesaidinputcostsremainedelevated.Manyretailersnotedincreaseddifficultyinpassingthroughcostincreases,suggestinggreaterpricesensitivityonthepartofconsumers.Inaddition,someretailersofferedmorediscountsandpromotionsthantheyhadayearagoinorderto
movemerchandiseandclearoutexcessinventories.Onbalance,contactsacrossDistrictssaidtheyexpectedfuturepricegrowthtomoderatefurtherintheyearahead.
HighlightsbyFederalReserveDistrict
Boston
Businessactivitywasroughlyflat,andemployment
increasedmoderatelyamidseasonalhiring.Pricesin-creasedmodestlyasnonlaborcostpressureseased.Wagegrowthwasaboveaveragedespiteeasierhiringconditions.Tourismactivitypostedstronggains,whilehomesalescontinuedtofall.Theoutlookwasmostlystablebutworsenedslightlyamidrealestatecontacts.
NewYork
Economicactivitycontracted,ledbyanespeciallysharpdeclineinthemanufacturingsector.Jobgrowthslowedandlaborshortageseasedsomewhat,buthiringplansremainedfairlysolid.Wagegrowthremainedmodest,
whilethepaceofinputandsellingpriceincreases
slowed.Housingmarketscontinuedtocool,andloan
demandfell.
2
NationalSummary
Philadelphia
BusinessactivityappearedtodeclineslightlyduringthecurrentBeigeBookperiodafterholdingsteadyforsix
months.Wageandpriceinflationcontinuedtosubside
butstillgrewatamoderatepace.Employmentcontinuedtoriseslightly,althoughhiringplansgrewmorecautious.Currentsentimentfell,butexpectationsimproved.
Cleveland
TheDistrict’seconomyslowedslightlyas2022drewtoacloseamidhighinterestratesandelevatedcostsand
sellingprices.However,theshareofcontactsreportinghighercostsorsellingpricesdeclinednoticeablyfrom
themiddleof2022.Lookingahead,firmsexpectsofterconditionstopersistintheneartermbutstillplantoaddworkerstomeetexistingandexpecteddemandfortheirgoodsandservices.
Richmond
Theregionaleconomycontinuedtogrowataslight
pace,dueinlargeparttomoderategrowthinconsumerspendingasmanufacturing,transportation,realestate,andlendingactivityslowed.Employmentrosemore
modestlythisperiodcomparedtorecentmonthsand
somefirmsnotedhittinglimitsonwageincreases.Pricegrowthremainedelevatedinrecentweeks.
Atlanta
Economicactivitygrewatagradualpace.Labormarkettightnesseased,butwagepressurespersisted.Most
nonlaborcostsmoderated.Retailersreportedhealthy
holidaysales.Autosalesrose.Leisuretravelwasrobust.
Housingdemandfell.Transportationconditionsweak-ened.Overallloangrowthwassteady,butdeposit
growthslowed.Agricultureremainedmixed.
Chicago
Economicactivitydecreasedslightly.Employmentin-
creasedmoderately;consumerandbusinessspending
wereunchanged;nonbusinesscontactssawlittlechangeinactivity;manufacturingdecreasedmodestly;and
constructionandrealestatedecreasedmoderately.
Pricesandwagesrosemoderately,whilefinancialcondi-tionstightenedsome.Agricultureincomeswerestrongin2022.
St.Louis
Economicconditionshaveremainedunchangedsince
ourpreviousreport.Laborshortagesremainedakey
issue,thoughmorecontactsreportedaslightlyeasier
timehiringandretainingworkers.Therateofinputpriceincreasesslowed,andcontactsreportedimprovementsinshippingcostsanddeliverytimes.Consumerspendingandtravelwerebothmixedduringtheholidayseason.
Minneapolis
Economicactivityintheregionexpandedslightlyin
recentweeks.Employmentgrewmodestly,withlabor
demandsofteningbutstillhealthy.Wageandpricepres-suresremainedhighbutlessenedslightly.Holidayshop-pingwasgoodoverallbutstymiedsomewhatbyseverewinterweather.Constructionandrealestatesectors
continuedtostruggle.Inflationandhighlaborcostswerehurtingminority-andwomen-ownedfirms.
KansasCity
EconomicactivityintheTenthDistrictcontinuedtode-clineslightlythroughtheendof2022.Thoughlabordemandcooledfurther,contactsreportedongoingtight-nessandpersistentwagepressures.Consumerspend-ingdeclinedrecently,particularlyforretailersandrestau-rants.Acrossgoodsandservices,pricegrowthslowedtoamoderate,yetstill-brisk,pace.Energyactivityslowedmodestly,facingheadwindsfromfallingoilandgasprices.
Dallas
Modesteconomicgrowthcontinued,withanaccelerationinthemanufacturingsectorbutanabatementintheservicesector.Retailsalesandhomesalesfellfurther,whileoilandgasactivityexpanded.Employmentgrowthcontinuedandwageandpricegrowthstayedelevated.Outlooksweremostlypessimisticexceptfortheenergysector,andmanycontactsvoicedconcernaboutweak-eneddemand,apotentialrecession,andinflation.
SanFrancisco
Economicactivityexpandedmodestly.Employment
levelsgrewatamodestpaceaslaborsupplyimproved.Wagesandpricesremainedelevatedbutroseataslow-erpacerelativetothepreviousreportingperiod.De-
mandforretailgoodsandserviceswasstable.Manufac-turingactivitywasmixed,whileconditionsintheagricul-turesectorremainedweak.Residentialrealestateactivi-tyweakened,andlendingactivityroseslightly.
A-1
FederalReserveBankofBoston
TheBeigeBook.January2023
SummaryofEconomicActivity
BusinessactivityintheFirstDistrictwasroughlyflatonbalance,withcontinuedstrengthintourismandfurtherdeclinesinhomesales.Pricesincreasedmodestly,andmanycontactsreportedthatnonlaborcostpressureshadeasedconsid-erably.Employmentrosemoderately,spurredbyseasonalhiringinretailandhospitality.Wagepressuresremained
substantial.Somefirmssoughtwaystoboostproductivityandprofitability.Homesalesfellsharply,andcommercialleasingandinvestmentactivitywereflat.SoftwareandITservicesfirmsenjoyedmostlystrongandstabledemand.
Outsideofrealestatemarkets,wheretheoutlookweakenedslightly,mostcontactsremainedoptimisticfortheirownprospects,eventhoughsomedeemedarecessionaslikelyfor2023.Nofirmsplannedtomakesignificantlayoffsandmostexpectedpriceincreasestomoderatemovingforward.
LaborMarkets
Employmentincreasedmoderatelyonbalance,spurredbyaseasonaluptickindemandandeasierhiringcondi-tions.Wagegrowthproceededatanabove-average
pace.Aclothingretailerfounditeasierthanexpectedtohireseasonalworkers,especiallypositionsinvolving
remotework,buthadtoofferhiringbonusestoattract
warehouseworkers.Robustconventionactivityand
holidaypartiesgaveamoderateboosttofoodandbev-eragestaffingatBoston-areahotels.Incontrast,airlineindustrycontactsfounditveryhardtofillpositionsandsomerestaurantscuthoursinresponsetopersistent
staffingshortages.Firmsindiversesectorscommentedthatwagegrowthwasaboveaverage(ifmostlystable)andthatemploymentcostscontinuedtoeatintoprofit
margins.Manycontactsplannedtofocusincreasinglyonraisinglaborproductivityandcuttingcosts.Nofirms
plannedtoundertakesignificantstaffingreductions,noteventhosethathadexperiencedweakresultsrecently.
Prices
Pricesincreasedmodestlyonbalance.Mostcontacts
saidthattheiroutputpriceswereflatsincethepreviousreportandthatnonlaborcostpressureshadretreated
substantially.However,hotelroomratesintheGreaterBostonareaincreasedsharplysincethesummer,inpartforseasonalreasons,andlandedwellabovetheiryear-earlierlevels.CapeCodlodgingpricespostedamodestseasonaldecline,buteasilyexceededtheircomparable2019levels.Aclothingretailerpostedhighsingle-digit
markupsearlierthisfallbutofferedpromotionaldis-
countsduringtheholidayshoppingseason.Retailers
andmanufacturersalikecommentedthatnonlaborcostpressureshadeasedconsiderablyinrecentmonths,asthepriceofcontainershipmentsinparticularfellsharplyandsupplychainsimproved.PricesatsoftwareandITfirmswereupmodestlyonaverage,althoughonecon-tactenacted“moreaggressive”priceincreasesinthesecondhalfof2022.Movingforward,somecontacts
expectedtoholdpricesfirmoreventoofferpromotionstoretainbusiness,andothersexpectedtofaceongoingcostpressures—linkedlargelytoemployment—that
couldnecessitatefurtherpricehikes.Onbalance,priceincreaseswereexpectedtomoderate,however.
RetailandTourism
FirstDistrictretailcontactsreportedmixedsales,while
tourismcontactssawstrongincreasesinactivity.A
clothingretailerexperiencedsofterdemandthroughoutmostofthefall,butsalesreboundedduringtheholidayseason,surpassingexpectationsforthatperiod.Cape
Codretailersexperiencedstrongfourthquartersales,
whichacontactattributedtothefactthatremotework
arrangementshaveboostedthenumberofvisitorstotheCapeduringthepost-summermonths.Accordingly,
hospitalitycontactsontheCapeenjoyedarecord-settingfourthquarterforoccupancyandroomrates.Airline
passengertrafficthroughBostonincreasedsteadilyinrecentmonths,reaching93percentofpre-pandemic
A-2
FederalReserveBankofBoston
levels,andcruiseshipactivitythroughBostonandinto
Maineacceleratedduringthesameperiod.TheGreaterBostonhoteloccupancyrateincreasedfurther,returningtopre-pandemiclevels.Conventionactivityalsoin-
creasedsharply,andbookingsinto2023areinlineto
exceed2019levels.Threetourismcontactsexpressed
concernsthatinflationcouldcrimpleisurespendingin
2023,butnonehadseenanyactualsignsofaslowdownyet.
ManufacturingandRelatedServices
RecentresultsweremixedacrossFirstDistrictmanufac-turingcontacts.Atoymanufacturerreportedasharp
declineinrevenuesinthethirdquarter,citinginflation’simpactonlower-incomeconsumersasonecause.A
chemicalmanufacturerfacedweakerdemandfrom
clientsintheconstructionandautomobileindustries,andascompetitorfirmssoughttoshedexcessinventories.Twoconsumergoodsmanufacturershadflatandmoder-atelystrongersalesinDecember,respectively,after
eachhadseenslumpingsalesearlierinthefall;recentsalesbeatseasonalexpectationsinbothcases.Afrozenfoodproducerexperiencedsteadydemanddespitethefactthatithadpostedthreelargepriceincreasesinthelast18months.Onecontactmadeasignificantdown-
wardrevisiontoitscapitalspendingplans,andothersheldplanssteady.Mostcontactsweremoreoptimisticfor2023thantheyhadbeenearlierintheyear.Thetoymanufacturer,however,expectedarecessionin2023andaccordinglyweakersales.
ITandSoftwareServices
Demandwasstrongandstableinthefourthquarter
amongmostcontacts.However,onefirmexperiencedamoderatedeclineinbookingsthatwasnotunexpected,
andthatwasattributedtoaweakeningmacroeconomicenvironment.Contactsreportedyear-over-yearrevenueincreasesthatrangedfrommoderatetoverylarge.
Whererecentdemandwasstrong,contactsattributed
theirresultstothepost-pandemicreboundofclientfirmsandtotheessentialnatureofcertainITservices.Two
firmssaidthathigheremployee-relatedexpenditureshadpinchedtheirprofitmarginssomewhat.Capitaland
technologyspendingwasflator,inonecase,experi-
encedamodestdeclinethatwasattributedtotheriseofcloud-basedcomputing.Contactsexpectedtosee
steadyorslightlysofterdemandinthenearterm,but
citedavarietyofdownsideriskstoactivity,suchasa
seasonalspikeinrespiratoryillnesses,ongoinginflation,andstockmarketvolatility.Nonetheless,contactsex-
pressedahighdegreeofconfidenceintheirfirms’pro-spectsforlonger-termsuccess.
CommercialRealEstate
TheFirstDistrict’scommercialrealestatemarketwas
relativelyunchangedinrecentweeks.Theindustrial
marketsoftenedslightly,asrentgrowthslowedabitbutvacancyratesremainedverylow.Theofficesector
continuedtoexperiencehighvacancyratesandflat
rents.Conditionswerestableintheretailpropertymar-
ket,withfoodandbeverageestablishmentsexperiencingthestrongestdemand.Nosignificantacquisitionswerereportedforanypropertyclass,andnewdealsweresaidtobeonholduntillateinthefirstquarterof2023.Highinterestratescontinuedtocurtailborrowingactivity,andrefinancingoccurredonlyoutofabsolutenecessity.
Concerningtheoutlook,contactsexpectedactivitytobeflatortoslowslightlyonbalance,butexpectationsdif-feredbypropertytype.Whiletheindustrialmarketwasexpectedtocontinuetoperformrelativelywell,thepro-spectsfortheofficemarketweakenedfurther,assomecontactsfearedthatpendingleasematurationswouldresultinaddedvacancies.Theoutlookfortheretail
marketwasuncertain,asitwasseentodependheavilyontheextentofanyeconomicslowdownin2023.
ResidentialRealEstate
HomesalespostedsubstantialfurtherdeclinesinNo-
vember,andclosedsalesweredownby20to30per-
centonayear-over-yearbasis.Forsingle-familyhomes,recentresultsrepresentedasharpslowdowninsales
fromthepreviousreport,whereasforcondostherecentsalesdeclineswereslight-to-moderate.ABostoncontactattributedweakdemandforhomesasaresponseto
persistentinflationandhighermortgagerates.Thesamecontactaddedthatsomewould-bebuyershaveleftthemarketentirelyandthatthebuyerswhoremainare
searchingforhomesatamorecarefulpace,asthe
biddingwarsandwaivedinspectionsthatcharacterizedthemarketinrecentyearshavebecomequiterare.
Inventoriesremaineddownonanover-the-yearbasisinRhodeIsland,Massachusetts,andVermont,butbya
muchsmallermarginthaninthepreviousreport.Inothermarkets,inventorygrowthacceleratedsubstantiallyfromthepreviousreport.Pricesincreasedslightlyover-the-
year,ataboutthesamepaceasreportedlasttime.
Contactsexpectedhomepricestocontinuetoleveloffinthenearterm,andstressedthat,despitecoolingde-
mand,furtherinventorygrowthwasstillneededinordertoachieveamorebalancedmarket..
FormoreinformationaboutDistricteconomicconditionsvisit:
/in-the-region.aspx
B-1
FederalReserveBankofNewYork
TheBeigeBook.January2023
SummaryofEconomicActivity
EconomicactivityintheSecondDistrictdeclinedsignificantlyinthelatestreportingperiodandmostbusinesscontactsdonotexpectactivitytoincreaseinthecomingmonths.Inputpricescontinuedtoincreasebuthavedeceleratednotice-ably,andsellingpriceincreaseshavemoderatedsomewhat.Hiringhasslowed,wagegrowthhasremainedmodest,
andbusinessesreportedthattheyplantoaddstaff,onbalance,inthemonthsahead.Manufacturingactivityweakenedsubstantiallyinthefinalweeksof2022.Consumerspendingwasmixedbutsomewhatweakeroverall,whiletourismhasremainedstrong.Thehomesalesandrentalmarketsshowedfurthersignsofcooling,thoughconcernsabouthousingaffordabilityremainwidespread.Commercialrealestatemarketsstabilized,andconstructionactivityhasremained
sluggish.Conditionsinthebroadfinancesectorweregenerallysteady,butregionalbanksreportedwidespreaddeclinesinloandemand,ongoingtighteningincredit,andrisingdelinquencyrates.
LaborMarkets
Employmentcontinuedtoexpand,thoughatamore
subduedpacethaninrecentmonths.Anumberofbusi-nesscontactsreportedthatithasbecomesomewhat
easiertoattractandretainworkers.AlargeupstateNewYorkemployernotedthatturnoverhasslowednoticeablyinrecentweeksandthatattritionrateshavenowfallen
belowpre-pandemiclevels.Still,therecontinuestobe
strongdemandforskilledworkers—particularlyinIT,
finance,andsalesoccupations.ANewYorkCityemploy-mentagencyremarkedthat,despiterecentlayoffan-
nouncements,layoffsdonotseemunusuallyhighandjobpostingsremainplentiful.Hiringplansforthefirsthalfof2023remainedsolid.
Businesscontactsreportedsteadyandmodestwage
growth,thoughoneupstateemploymentagencynotedsomeslowing.Thesteepestwagegrowthoverthepastmonthwasreportedfromfinancialservicesfirms.Busi-nessesacrossallmajorindustrysectorsplantoraise
wagesinthemonthsahead—particularlyinwholesaletrade,transportation,andleisure&hospitality.
Prices
Pricepressures,bothcurrentandprojected,haveeasednoticeably.Businesscontactsreportedthattheprices
theypayhavecontinuedtoincreasebuttoamuchlesserdegreethaninrecentmonths.Pricepressureshave
abatedmostsignificantlyinthetrade,transportation,andmanufacturingsectors.Lookingahead,fewercontactsforeseefutureescalationinpricespaidthanatanypointsinceearly2021.
Sellingpriceincreaseswerereportedtobesomewhat
lesswidespreadthaninthelastreport.Notably,retailersreportedmodestlydecliningprices,andtransportation
firmsindicatedthattheirpriceswereflat.Retailersandwholesalersindicatedthattheyplannedtokeeppricesmostlysteadyinthemonthsahead,whilebusinessesinmostothersectorsanticipatemoderatepricehikes.
ConsumerSpending
Consumerspendinghasbeenlittlechangedinrecent
weeks.Nonautoretailersreportedthatbusinesswas
relativelysluggishovertheholidayseason,withsomeoftheweaknessattributedtodifficultiesinprocuringsup-pliesandstaff.AutodealersinupstateNewYorkreport-edthatsalesofnewvehiclesweresteadytomodestlyhigher,helpedbyimprovementinthesupplychain.
However,salesofusedvehicleshavesoftenedfurther.ConsumerconfidenceacrossNewYorkStatesurgedtoitshighestlevelinmorethanthreeyearsinDecember.
ManufacturingandDistribution
Manufacturerswoundup2022onableaknote,reportingthemostwidespreaddeclineinactivitysinceearlyinthe
B-2
FederalReserveBankofNewYork
pandemic.Contactsinthetransportation&warehousingsectoralsonoteddecliningactivity,whilewholesale
distributorsindicatedflatactivity.Onapositivenote,anumberofbusinessesindicatedthatsupplydisruptionshadeased.Lookingahead,manufacturersdonotexpectmuchimprovement,whiletransportation,warehousing,andwholesaletradefirmsweremoreoptimistic.
Services
Servicesectoractivitycontinuedtoweakeninthelatestreportingperiod.Providersofprofessional&business
servicesandeducation&healthservicesreportedongo-ingdeclinesinactivity,whileinformationfirmsnoteda
pickupinbusiness.Contactsintheleisure&hospitalitysectorindicatedsomelevelingoffinactivity,following
weakeninginthepriorreport.Lookingahead,infor-
mationsectorbusinessesexpressedincreasedoptimismabouttheoutlook,butcontactsinotherserviceindustriesanticipatedflattomodestlydecliningactivity.
TourismactivityinNewYorkCitystrengthenedfurtherinDecember.Hoteloccupancyratesclimbedabove80
percent,versus60percentayearearlier,andaverageroomtariffswereuproughly20percentovertheyear.Moreover,visitstomajortouristattractions,suchastheStatueofLiberty,havereboundedtopre-pandemic
levels.WhileattendanceatBroadwayshowshasbeenmixed,high-profilemusicalstargetedtowardsvisitors
havereportedlyfaredquitewell.Despiteadearthof
visitorsfromAsia—especiallyChina—theoverallflowofinternationalvisitorshasbeenfairlystrong,thoughvisi-torsarespendingless,onaverage,dueinparttothe
strongdollar.
RealEstateandConstruction
Theresidentialsalesandrentalmarketsshowedfurthersignsofcoolinginlate2022.Realestatecontactsin
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