Excerpt: “Overall, Federal Reserve Bank directors reported that economic activity had remained steady or expanded modestly across sectors and Districts. Several directors noted that consumer spending and demand continued to be strong, particularly for travel services. Many directors cited the cost and availability of labor as ongoing concerns, but some directors noted these pressures had started to moderate. However, hiring difficulties persisted in most Districts for certain types of positions, including higher-skilled labor and information technology, healthcare, and service-sector workers, with some directors noting increased investment in onboarding and training to improve the productivity of existing employees. In general, directors expressed caution about the outlook and a potential slowdown in economic activity in 2023.”
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