Economic Barometer: March 2023

• U.S. job openings fell in January and employee quits slowed, according to the latest report from the Bureau of Labor Statistics.
  • Year over year, U.S. manufacturing openings declined by more than 100,000 positions, but there were still more than 800,000 openings.
• Federal Reserve Chairman Jerome Powell said this week there’s a risk the Federal Reserve may hike rates by 50 basis points at its March 21-22 meeting.
• The spread between two- and 10-year Treasury yields this week were more than a percentage point for the first time since 1981, signaling potential economic pain.
• The U.S. Financial Conditions Index, published by OMA Connections Partner RSM, remains below neutral levels.
• The Cleveland Fed’s Beige Book, which covers all of Ohio, reports that overall demand for manufactured goods changed little from the prior reporting period, but that softer demand was reported by firms associated with interest rate-sensitive sectors.

Meanwhile, the Consumer Sentiment Index and the Money Anxiety Index have both recently showed year-over-year improvements. 3/9/2023