Yet on the question of asking rents, CBRE’s snapshot for Manhattan is consistent with the Fed’s summation for the metro area: that prices “continue to drift down but appear to be bottoming.” There was a modest month-over-month drop of 55 cents per square foot to $47.58. Manhattan’s average ask has declined steadily each month from $54.63 per square foot a year ago.

The Fed says that housing sales for the Second District, which includes all of New York State as well as Northern New Jersey and southwestern Connecticut, have been “steady to somewhat firmer since the last report, especially at the lower end of the market.” In Manhattan’s co-op and condominium market, activity has leveled off after a modest pickup in the first quarter, the Fed says.

Retailers have reported strong sales for April but “mixed results” for May, according to the Beige Book. That dovetails with a report from the Conference Board noting that consumer confidence among residents of New York, New Jersey and Pennsylvania retreated slightly in May after reaching a two-year high in April.

Formally known as the "Summary of Commentary on Current Economic Conditions," the Beige Book is published eight times per year. Each Fed bank—in this case, the Federal Reserve Bank of New York—gathers anecdotal information on current economic conditions in its district through reports from Fed directors and interviews with “key business contacts, economists, market experts and other sources.”