2022-06-03 19:02:36
Chicago
“Most contacts indicated that they were experiencing only limited pushback on price increases from customers, but some said they were seeing more resistance to higher prices than in previous reporting periods. There were reports of a shift in the mix of purchases from discretionary items toward essential goods. Moreover, a growing number of consumers were picking less expensive options when purchasing products. In addition, a regional food bank reported a considerable increase in demand. Among product lines, grocery sales increased modestly, but spending was flat on appliances and electronics and at discount stores. Spending on furniture and home furnishings fell.”
St. Louis
“Spending shifted from goods to services and became more sensitive to prices; retailers reported that credit card usage rose. Manufacturing firms reported that a backlog of orders should sustain production even as the rate of new orders declines due to higher prices. One luxury car dealership in Northern Mississippi said that they are starting to sell fewer large cars and more small, fuel-efficient cars as demand shifts due to rising gas prices.”
Minneapolis
“Individuals moving through the labor market were mainly looking for better pay. Some workers were considering taking second jobs to meet the higher cost of living but faced constraints with balancing existing responsibilities. Preliminary results from a survey of workers in South Dakota indicated that rising prices have significantly strained family budgets. Most said they were mainly experiencing pressure from fuel, grocery, and electricity prices. Several reported forgoing activities like eating out or traveling for leisure to reduce expenses. Overall, workers saw their cost of living increase. A worker in the finance sector said that "a 3 percent raise is not keeping up with the cost-of-living [...] We are definitely living more of a paycheck-to- paycheck lifestyle than a year ago." A construction industry job seeker shared that gas prices were further reducing his mobility and employment options.”
Kansas City
“Some restaurants reported taking advantage of digital menus to implement "real time pricing" on most items, but noted that customers have been unwilling to fully accept higher prices when dining out. Contacts at craft breweries noted that higher wheat costs may lead to losses as consumers substitute to lower cost options. Consumer spending continued to grow at a moderate pace in recent weeks, but several contacts noted shifts in spending habits. Sales of food in grocery stores grew faster than at restaurants, but contacts were uncertain if this was due to labor shortages at restaurants continuing to restrict operating hours.”
Dallas
San Francisco
“Retail sales continued to increase, although with some moderation. Consumer demand for food and energy products slowed down somewhat due to pricing pressures, and a few contacts observed that consumers are curbing their spending and focusing more on necessities, especially in lower-income households.”
2.9K viewsAleksandr Kuboskin, 16:02
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