While we are not officially in a recession, inflation is surging and real wage growth is negative. Despite two open jobs for every one unemployed person, a shortage of labor is weighing down the U.S. economy today; labor is the critical issue above all else because you can’t grow despite demand if you can’t find workers to run the shop. This has culminated in slowing down CRE activity and uneven consumer spending across most of the U.S. during 3Q 2022. And now bank lending has paused as the Fed’s steep and frequent rate hike changes have made it very difficult to price a loan. Read the complete report below.
