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This report was prepared at the Federal Reserve Bank of Chicago based on information collected on or before May 22, 2023. This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials.

本报告由芝加哥联邦储备银行根据2023年5月22日或之前收集的信息编写。本文件总结了从联邦储备系统以外的联系人那里收到的意见，并不是对美联储官员观点的评论。

· Federal Reserve Bank of Boston

· Federal Reserve Bank of New York

· Federal Reserve Bank of Philadelphia

· Federal Reserve Bank of Cleveland

· Federal Reserve Bank of Richmond

· Federal Reserve Bank of Atlanta

· Federal Reserve Bank of Chicago

· Federal Reserve Bank of St. Louis

· Federal Reserve Bank of Minneapolis

· Federal Reserve Bank of Kansas City

· Federal Reserve Bank of Dallas

· Federal Reserve Bank of San Francisco

· •波士顿联邦储备银行

· •纽约联邦储备银行

· •费城联邦储备银行

· •克利夫兰联邦储备银行

· •里士满联邦储备银行

· •亚特兰大联邦储备银行

· •芝加哥联邦储备银行

· •圣路易斯联邦储备银行

· •明尼阿波利斯联邦储备银行

· •堪萨斯城联邦储备银行

· •达拉斯联邦储备银行

· •旧金山联邦储备银行

Overall Economic Activity

· 整体经济活动

Economic activity was little changed overall in April and early May. Four Districts reported small increases in activity, six no change, and two slight to moderate declines. Expectations for future growth deteriorated a little, though contacts still largely expected a further expansion in activity. Consumer expenditures were steady or higher in most Districts, with many noting growth in spending on leisure and hospitality. Education and healthcare organizations saw steady activity on balance. Manufacturing activity was flat to up in most Districts, and supply chain issues continued to improve. Demand for transportation services was down, especially in trucking, where contacts reported there was a "freight recession." Residential real estate activity picked up in most Districts despite continued low inventories of homes for sale. Commercial construction and real estate activity decreased overall, with the office segment continuing to be a weak spot. Outlooks for farm income fell in most districts, and energy activity was flat to down amidst lower natural gas prices. Financial conditions were stable or somewhat tighter in most Districts. Contacts in several Districts noted a rise in consumer loan delinquencies, which were returning closer to pre-pandemic levels. High inflation and the end of Covid-19 benefits continued to stress the budgets of low- and moderate-income households, driving increased demand for social services, including food and housing.

4月和5月初的经济活动总体上变化不大。4个地区报告活动小幅增加，6个地区没有变化，2个地区略有或中度下降。对未来经济增长的预期略有恶化，不过业内人士大多仍预计经济活动将进一步扩张。大多数地区的消费者支出保持稳定或更高，许多地区的休闲和酒店支出有所增长。总体而言，教育和医疗机构的活动较为稳定。大多数地区的制造业活动持平至上升，供应链问题继续改善。运输服务需求下降，尤其是卡车运输，业内人士称出现了“货运衰退”。尽管待售房屋库存持续低迷，但大多数地区的住宅房地产活动有所回升。商业建筑和房地产活动整体下降，办公部门仍然是一个薄弱环节。多数地区的农业收入预期下降，由于天然气价格下跌，能源活动持平至下降。大多数地区的财政状况稳定或有所收紧。几个地区的接触者注意到，消费者贷款拖欠率有所上升，正在更接近大流行前的水平。高通胀和Covid-19福利结束继续给低收入和中等收入家庭的预算造成压力，推动对食品和住房等社会服务的需求增加。

Labor Markets

· 劳动力市场

Employment increased in most Districts, though at a slower pace than in previous reports. Overall, the labor market continued to be strong, with contacts reporting difficulty finding workers across a wide range of skill levels and industries. That said, contacts across Districts also noted that the labor market had cooled some, highlighting easier hiring in construction, transportation, and finance. Many contacts said they were fully staffed, and some reported they were pausing hiring or reducing headcounts due to weaker actual or prospective demand or to greater uncertainty about the economic outlook. Staffing firms reported slower growth in demand. As in the last report, wages grew modestly.

大多数地区的就业都有所增长，尽管增速低于之前的报告。总体而言，劳动力市场继续保持强劲，有联系人报告说，在各种技能水平和行业中都很难找到工人。尽管如此，各地区的联系人士也注意到，劳动力市场有所降温，建筑业、交通运输业和金融业的招聘更加容易。许多联系人表示，他们人手充足，一些人表示，由于实际或预期需求减弱，或经济前景的不确定性加大，他们正在暂停招聘或裁员。人力资源公司报告需求增长放缓。与上一份报告一样，工资温和增长。

Prices

价格Prices rose moderately over the reporting period, though the rate of increase slowed in many Districts. Contacts in most Districts expected a similar pace of price increases in the coming months. Consumer prices continued to move up due to solid demand and rising costs, though several Districts noted greater price sensitivity by consumers than in the prior report. Overall, nonlabor input costs rose, but many contacts said cost pressures had eased and noted price declines for some inputs, such as shipping and certain raw materials. Home prices and rents rose slightly on balance in most Districts, after little growth in the prior period.

在报告所述期间，房价温和上涨，但许多地区的涨幅有所放缓。大多数地区的联系人预计未来几个月价格将以类似的速度上涨。由于需求强劲和成本上升，消费者价格继续上涨，但一些地区指出，消费者对价格的敏感度高于前一份报告。总体而言，非劳动力投入成本上升，但许多联系人表示，成本压力有所缓解，并注意到一些投入的价格下降，如运输和某些原材料。大多数地区的房价和租金总体上略有上涨，而前一时期几乎没有增长。