The Federal Reserve's November 2022 Beige Book came out yesterday. Formally called the "Summary of Commentary on Current Economic Conditions by Federal Reserve District," the sets of anecdotal evidence gathered by the Fed's dozen regional banks are not exacting data, but a survey of moods.
Those of the commercial real estate industry show a set of mostly sinking observations, like a collection of gloomy reflections over one wine glass too many. This seemed a logical continuation of the softening pictures that began to pick up steam in June and then onward through the September and October editions.
On a national level, real estate was one of three industries, with technology and finance, that saw reports of "scattered layoffs," although "some contacts expressed a reluctance to shed workers in light of hiring difficulties, even though their labor needs were diminishing."
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