Fed’s Beige Book Says CRE Activity Down with Office a Particular Weak Spot
May 31, 2023 | Erik Sherman | GlobeSt.com
The May Beige Book from the Federal Reserve says that overall economic activity was little changed overall in April and early in May, the same state as the previous report. Four districts saw “small increases” in activity, six said no change, and two had “slight to moderate declines.” Consumer spending was higher in most districts, especially in leisure and hospitality. Manufacturing was flat, supply chain continued to improve, but commercial real estate decreased overall, with the office sector particularly weak. Commercial construction also declined.
