Employment grew modestly and the labor market remained healthy, although there were some signs that labor demand was softening. Supply chain issues were improving, but this improvement was being offset by a decrease in demand from clients. Financial Services There is never a dull moment in IT. Loaded imports were significantly down led by a decline in retail inventory, but loaded exports were flat or slightly up. Labor Markets At our Bank, you'll get the benefits you need and have the work-life balance you want. Convention activity also increased sharply, and bookings into 2023 are in line to exceed 2019 levels. Looking for your next opportunity? Housing demand fell. January 27, 2023, Federal Reserve Bank and Branch Directors, Transcripts and other historical materials, Federal Reserve Balance Sheet Developments, Community & Regional Financial Institutions, Federal Reserve Supervision and Regulation Report, Federal Financial Institutions Examination Council (FFIEC), Securities Underwriting & Dealing Subsidiaries, Types of Financial System Vulnerabilities & Risks, Monitoring Risk Across the Financial System, Proactive Monitoring of Markets & Institutions, Responding to Financial System Emergencies, Regulation CC (Availability of Funds and Collection of Checks), Regulation II (Debit Card Interchange Fees and Routing), Regulation HH (Financial Market Utilities), Federal Reserve's Key Policies for the Provision of Financial Services, Sponsorship for Priority Telecommunication Services, Supervision & Oversight of Financial Market Infrastructures, International Standards for Financial Market 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 Monetary Base - H.3, Assets and Liabilities of Commercial Banks in the U.S. - H.8, Assets and Liabilities of U.S. Respondents indicated that there were fewer closed and pending home sales as elevated mortgage rates and low housing inventory impacted volume. Construction and Real Estate However, a regional index of manufacturing conditions indicated a mild contraction in activity in Minnesota and North Dakota in December from a month earlier, while activity expanded in South Dakota. Tourism contacts reported that demand for lodging was falling slightly in most of the region. Real Estate and Construction Rainfall continued to improve soil moisture conditions, setting a good foundation for winter wheat and spring crops. Accordingly, prices of subleased space dropped, and terms became more favorable for incoming tenants. Total employment increased only modestly with some employers noting being more cautious about hiring and others saying they couldn't raise wages any further. Consumer Spending Retailers reported further softening in demand as consumers faced continued pressure from inflation and increased interest rates. Contacts, including staffing firms, also noted that hiring has become easier, with some suggesting that workers are beginning to feel the need to be employed full time. Prices climbed further although firms expect pressures to moderate somewhat next year but remain elevated. Wage growth and inflation continued to subside (and reported price increases were less widespread), but both continued at a moderate pace. These challenges have been compounded by widespread staffing shortages. We represent and gather information from the Fourth Federal Reserve District, spanning Ohio and parts of Pennsylvania, West Virginia, and Kentucky. Several employers required employees to return to the office and have become less flexible with remote work arrangements. 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. Federal Reserve notes, our legal tender, are the basis of our economy. Learn about the resources we offer to help people in the community navigate the financial system. Home equity lines, auto loans, and other consumer lending were essentially flat. Due in part to an earlier and longer Chinese New Year, the ports were anticipating significantly lower import volumes in the first quarter of 2023. Input costs remained elevated, though upward pressure eased slightly in December, continuing the trend seen throughout most of 2022. Contacts continued to cite elevated interest rates as the main factor hindering demand. Federal Reserve Bank Services; Consumer Resources. Closed sales in November and December were widely lower compared with last year. Consumers are still taking trips but are booking shorter stays, resulting in softness during the week. The steepest wage growth over the past month was reported from financial services firms. About the Fed News & Events Monetary Supervision & Regulation Financial Stability Economic & Communities Recent Developments Monetary Policy Report Recent Posting - 3/3/2023 Service businesses noted they are struggling to strike a balance between retaining customers and maintaining profitability. Auto sales rose. Air freight and passenger traffic has slightly increased, while public transportation services continued to experience driver shortages and, consequently, route cancellations. Real Estate and Construction Federal Reserve Bank of Cleveland insights Based on 23 survey responses What people like Inclusive work environment Fair pay for job Time and location flexibility Areas for improvement Energizing work tasks Trust in colleagues Sense of belonging Great pay and Benefits By contrast, manufacturers said that demand increased slightly in recent months, particularly in goods categories with longer lead times. Most manufacturing businesses reported that input price growth continued to slow in recent weeks, and most of those contacts reported that they are able to pass over 80 percent of higher costs to their customers. January 18, 2023, Transcripts and other historical materials, Federal Reserve Balance Sheet Developments, Community & Regional Financial Institutions, Federal Reserve Supervision and Regulation Report, Federal Financial Institutions Examination Council (FFIEC), Securities Underwriting & Dealing Subsidiaries, Types of Financial System Vulnerabilities & Risks, Monitoring Risk Across the Financial System, Proactive Monitoring of Markets & Institutions, Responding to Financial System Emergencies, Regulation CC (Availability of Funds and Collection of The Federal Reserve Bank of Cleveland is one of 12 reserve banks created by Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system. Looking for fun, informative ways to learn or teach economics and finance? On Thursday, Christopher Waller, a member of the Fed's influential Board of Governors, said that if the economy continued to show strength and inflation remained elevated, the central bank would . Annual leave is granted each year according to your length of service: A limited amount of excess annual leave may be carried over to the following year. Railroads experienced declines in intermodal shipments of packaging materials, chemicals, and metals. Washington. Nonauto retail sales for the holiday season edged up, slightly exceeding expectations. A producer of home furnishing products noted that raw materials prices have come down less than 10 percent, but "we have had to reduce pricing by around 20 percent to get additional business." The industrial sector was robust; however, contacts voiced concerns over future activity levels. Tutorial for all ages about the Fed. The volume of empty containers leaving the ports continued to be strong. Boston Benefits package is excellent. A job-matching service in the St. Louis area is expanding services that match disabled job candidates with employers, and a housing-insecurity nonprofit built new homes and secured contracts to expand services. At that time, the Cleveland Bank was the third-largest of the 12 Reserve Banks, with total assets of $613,777, about $11 million in today's dollars. Reported anonymously by Federal Reserve Bank of Cleveland employees. Travel and tourism venues also reported moderate growth. A packaging firm reported that while they have not started layoffs, they have gotten much more selective in who they interview. What started as a pilot survey from the New York Fed has grown to the Small Business Credit Surveya national data collection tool collaboratively fielded by all 12 Federal Reserve Banks. The Federal Reserve Bank of Cleveland is part of the nation's central bank. Consumer spending increased slightly, with some retailers reporting more robust sales over the holidays. Finally, to support digital equity in the District, new infrastructure funds are expected to expand high-speed Internet access to those with more moderate means. Firms continued to report that wage growth had subsided but remained in a moderate range. Nearly half of hospitality and tourism firms reported wage increases of 5 percent or more, but future wage expectations were notably lower. Think you're the perfect . Hiring continued to slow in the Tenth District as labor demand cooled, though the number of job openings and overall tightness of the labor market remained high. About half the manufacturing contacts expected to pay higher prices over the next six months, and slightly less than that expected to receive higher prices for their own goods. 150 East Fourth Street, Cincinnati, OH 45202 Logistics firms involved in moving and relocation, "big and bulky" delivery services, and warehousing saw year-over-year volume declines as consumer and housing demand softened and firms reduced inventory levels. The goal of our work is to strengthen the economic performance of the nation and our region. Cincinnati Overall loan growth was steady, but deposit growth slowed. It's one of the best places to work. Other headwinds cited were elevated input costs, labor shortages, and higher labor costs. A clothing retailer experienced softer demand throughout most of the fall, but sales rebounded during the holiday season, surpassing expectations for that period. Some institutions noticed an increase in existing credit card line usage as well as home equity lines of credit. Inventories remained down on an over-the-year basis in Rhode Island, Massachusetts, and Vermont, but by a much smaller margin than in the previous report. New office construction starts remained at depressed levels throughout the District, though there was some pickup in New York City and Long Island. Overall Economic Activity Demand remains strong for new space to serve industrial, warehousing, and the life sciences sector. Employment growth continued and wage and price growth stayed elevated. Short- and long-term disability income protection and business travel insurance are provided to you at no cost. Contacts also highlighted a continued shift in spending behavior away from in-store shopping to e-commerce. P.O. Federal Reserve Bank of Cleveland employee benefits and perks data. Consumer spending and travel were both mixed during the holiday season. Looking ahead, manufacturers do not expect much improvement, while transportation, warehousing, and wholesale trade firms were more optimistic. Some contacts noted that they were not increasing prices to remain competitive, while others said they were waiting to see if input costs increase further. While domestic freight cost increases persisted, largely due to higher energy and labor costs, shipping container rates returned to near-"normal" pricing. Congratulations to the Cleveland Fed for earning a place on the 2017 #DBPInclusionIndex ! Cape Cod retailers experienced strong fourth quarter sales, which a contact attributed to the fact that remote work arrangements have boosted the number of visitors to the Cape during the post-summer months. Economic activity decreased slightly. Wages grew further, albeit at a slower pace. Employment grew modestly, with labor demand softening but still healthy. We produce indicators and datasets to inform the public, policymakers, and researchers about economic conditions, including inflation, employment, and risks to the financial system. In our monthly surveys, the share of nonmanufacturing firms reporting higher wage and benefit costs per employee remained at a little over 40 percent, while just over half of the firms reported no change and a few reported lower compensation levels. Contacts noted that supply chain bottlenecks ameliorated further, but transportation and materials costs remained elevated. Upward wage pressures appeared to ease, as did the pressure on nonlabor input costs and selling prices. District oil and gas exploration activity increased slightly since the last report. The home sales and rental markets showed further signs of cooling, though concerns about housing affordability remain widespread. Summary of Economic Activity New home construction costs were lower than their recent peak but still above pre-pandemic levels. Total loan growth saw only an uptick since our previous report, showing signs of slowing down from its steady and relatively fast increase between late 2021 and mid-2022. Commercial real estate markets stabilized, and construction activity has remained sluggish. Learn more about us and what we do. Public safety services are expected to decrease with the elimination of vacant positions in response to budget deficits in the St. Louis area, and water distribution services struggled to provide necessary maintenance and repairs due to revenue concerns. Commercial real estate activity slowed slightly, on average, with more notable weakening in the office market. Leisure travel activity was robust, and bookings for the first half of 2023 were strong. Auto dealers continued to report flat or decreasing sales amid increased interest rates, higher vehicle prices, and limited inventory. There is no clearer. Manufacturing activity softened slightly, and new orders declined. Prices District agricultural conditions were stable at high levels. Economic conditions have remained unchanged since our previous report. Based on 7 salaries posted anonymously by Federal Reserve Bank of Cleveland Research Economist Ii employees in Bexley, OH. "Bids do not move with those changes and we cannot walk away." (412) 261-7800, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue N.W., Washington, DC 20551, Last Update: In addition, employees who carpool can park free at the Board. Review of Monetary Policy Strategy, Tools, and Hello! Consumer Spending Credit standards continued to tighten, and loan spreads were little changed except on business loans, where they widened. Economic activity in the region expanded slightly in recent weeks. Real Estate and Construction Activity among minority- and women-owned businesses slowed slightly. Multifamily housing has begun to slow, and sentiment toward office space is turning increasingly dour. Outside of real estate markets, where the outlook weakened slightly, most contacts remained optimistic for their own prospects, even though some deemed a recession as likely for 2023. Business services and education and health saw a contraction in revenue while transportation services posted continued revenue gains, citing increased cargo volumes. Prices increased modestly on balance. Research & Databases. Holiday sales at District retailers were strong, and auto sales rose. Federal Reserve Bank of Cleveland insights Based on 22 survey responses What people like Inclusive work environment Fair pay for job Time and location flexibility Areas for improvement Trust in colleagues Energizing work tasks Sense of belonging Excellent benefits and tons of bank holidays. In residential real estate, builders of new single-family homes noted an uptick in the number of buyer cancellations for projects underway. One staffing services firm reported that demand had slowed noticeably in November and December, though the contact was "hoping" that it was a seasonal decline and would pick up in January. Trucking activity also slowed, partially due to a typical seasonal slowdown, and spot shipping rates decreased moderately. In other markets, inventory growth accelerated substantially from the previous report. Demand for poultry dropped slightly but remained strong; demand for cattle and timber, as well as for some row crops, such as corn and soybeans, held steady. Health coverage covers everything under the sun, and dental is very good too. Copyright 20082023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Former Mechanical Engineer in Cleveland, OH, Ohio, Current Risk Management in Cleveland, OH, Ohio, Current Senior Software Engineer in Cleveland, OH, Ohio, Former Administrative in Cleveland, OH, Ohio, Learn How to State Your Case and Earn Your Raise, Climb the Ladder With These Proven Promotion Tips, Accidental Death & Dismemberment Insurance. Contacts generally expected slow growth in the coming months, though many expressed concerns about the potential for a recession this year. Residential construction activity declined modestly overall, led by a pullback in single family homebuilding. One contact noted that shipping costs had largely stabilized, and another reported that declining fuel prices were lowering production costs. Manufacturers noted cost increases in excess of 20 percent on certain items last year. Capital expenditures remained stable on balance, with contacts highlighting purchases aimed at greater automation. Dr. Mester is a director of the Greater Cleveland Partnership, a trustee of the Cleveland Clinic, a trustee of the Musical Arts Association (Cleveland Orchestra), a director of the Council for Economic Education, a member of the Ohio Governor's Economic Advisory Board, a founding director of the Financial Intermediation Research Society, and a member of the advisory board of the Financial Intermediation Network of European Studies. Construction and Real Estate Activity in the manufacturing sector was mixed over the reporting period. Only one District reported a slight decline in employment, and one other reported no change in employment levels. In 2022, she serves as a voting member of the Federal Open Market Committee. Though labor demand cooled further, contacts reported ongoing tightness and persistent wage pressures. Checks), Regulation II (Debit Card Interchange Fees and Routing), Regulation HH (Financial Market Utilities), Federal Reserve's Key Policies for the Provision of Financial Glassdoor is your resource for information about Federal Reserve Bank of Cleveland benefits and perks. Labor Markets The estimated base pay is $70,549 per year. Trucking firms reported a usual seasonal slowdown in freight volume this period. Strong real estate values continued to bolster farm finances, but increased interest rates, high production costs, challenging weather conditions, and the outlook for commodity prices remained key concerns. Difficulty meeting an increased demand for services was broad-based in the non-profit sector, with many organizations also citing difficulty recruiting volunteers and the health of their employees as major challenges to their operations. Terms, Statistics Reported by Banks and Other Financial Firms in the Many firms hesitated to lay off employees even as demand for their goods and services slowed and planned to reduce headcount through attrition if needed. Activity in the nonfinancial services sector remains stable since our previous report. Comprehensive health, dental, and vision insurance is offered to Board employees and their families. Industry data suggested that revenue levels across the sector have not declined significantly.